News
Rona Bought By Lowe’s In $3.2B Friendly Takeover
US home improvement chain Lowe’s Cos has acquired Quebec-based rival Rona Inc in a $3.2B takeover unanimously approved by both companies’ boards. (Recall Lowe's 2012 attempt to purchase Rona collapsed.) The retailers’ combined Canadian operations generated revenues of $5.6B in 2015, and Lowe’s said there’s potential to double operating profitability here in five years. The transaction marks Lowe’s entry into Quebec, where it said it will HQ its Canadian business (in Boucherville)—led by Lowe’s Canada president Sylvain Prud'homme—and plans to continue operating RONA’s multiple retail banners and distribution services.
