Lowe's officially acquired Canadian home improvement store chain Rona for $2.4 billion, Lowe's announced May 20. The announcement comes just one week after the Canadian government approved the acquisition.

As part of its deal to acquire Rona, Lowe's has promised the company several key things to show Lowe's commitment to Canada such as headquartering the business in Boucherville, Quebec, and continuing to promote both Lowe's and Rona's charitable initiatives.

The acquisition represents a key step in accelerating Lowe's growth strategy. It creates one of the largest home improvement retailers in Canada, with 539 store locations and pro forma revenues from Canadian operations of approximately C$6 billion. As a result, Lowe's Canada and RONA are well-positioned for continued success serving Canada's over C$45 billion and growing home improvement market.

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