Mooresville-based Lowe’s Cos. has completed its acquisition of Canadian home improvement retailer Rona for $2.4 billion.
In a statement Friday morning, Lowe’s said the deal, which was previously announced, represents a “key step” in accelerating its growth strategy and creates one of the largest home-improvement chains in Canada, with 539 store locations.
Lowe’s has said as part of the deal, among other initiatives, it will headquarter the Canadian business in Boucherville, Quebec, maintain the Rona retail banners and retain the “vast majority” of Rona’s current employees and key executives.
“This transaction significantly expands our presence in the Canadian market and provides attractive opportunities to drive revenue and profit growth while delivering meaningful long-term benefits to shareholders, customers, suppliers, employees and the communities we serve,” said Richard D. Maltsbarger, Lowe’s chief development officer and president of international.
In 2012, Lowe’s bid almost $1.9 billion for Rona, but that offer fell through when Rona said it wasn’t interested in being acquired.