Lowe’s to Acquire Orchard Supply Hardware

Lowe's announced it's entered into an asset purchase agreement with Orchard Supply Hardware, 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.