American home improvement retailer Lowe's Companies (LOW) has announced plans to sell its
Canadian retail business to New York-based private equity firm Sycamore Partners for $400
million U.S.
Lowe's Canadian division is headquartered in Boucherville, Quebec and operates 450 stores
nationwide under brands that include Lowe's, RONA, Réno-Dépôt and Dick's Lumber.
The sale is expected to close early next year (2023) and will establish Lowe's Canada and
RONA as a standalone company.
Lowe's, which is based in Mooresville, North Carolina, bought RONA in 2016 for $3.2 billion
($2.4 billion U.S.) at a time when the company was looking to expand across Canada.
So far this year, Lowe’s stock is down 30% and trading at $179.82 U.S. per share.
