Lowe's gets approval from Canadian regulators to buy Rona

AP News
Posted: May 13, 2016 9:59 AM

NEW YORK (AP) — Lowe's said Friday that it received approval from Canadian regulators to buy rival home improvement retailer Rona.

The company said it expects the deal to close next week.

Lowe's, based in Mooresville, North Carolina, announced it was buying Rona in February for about $2.3 billion. It previously tried to buy Rona in 2012, but that deal fell through.

By acquiring Rona, Lowe's will increase its business in Canada. Lowe's has more than 40 stores in the country, while Rona Inc. has nearly 500. U.S. rival The Home Depot Inc., which is based in Atlanta, has about 180 Canadian stores.

Shares of Lowe's Cos. slipped 17 cents to $75.23 in morning trading Friday.