OTTAWA – The federal government has signed off on a deal that will see U.S. retailer Lowe’s Companies Inc. acquire Rona Inc. (TSX:RON) and become owner of Canada’s largest collection of home-improvement stores.

Lowe’s says it has received approval under the Investment Canada Act for the acquisition.

Together with approval by the Competition Bureau on Thursday, Lowe’s says the deal has cleared its last major milestones and is expected to close May 20.

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