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Lowe's to Purchase Orchard Supply Hardware Assets for $205M

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Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home
improvement retailer, today announced it has entered into an asset
purchase agreement with Orchard Supply Hardware (NASDAQ: OSH), under which Lowe's will
acquire the majority of Orchard's assets for approximately $205 million
in cash, plus the assumption of payables owed to nearly all of Orchard's
supplier partners. Upon completion of the transaction, the acquisition
will enable Lowe's to expand through a new store format and reach a new
customer base in California with the addition of Orchard's
smaller-format metro store locations. Lowe's plans to have Orchard
operate as a separate, standalone business, retaining its brand under
the leadership of Orchard's current management team.

Based in San Jose, California and

See full press release

Posted-In: News Guidance Contracts Asset Sales Management M&A Global

 

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