Lowe's Buys Smart Home Tech for $1.2B

Lowe’s Makes Billion-Dollar Acquisition to Boost Home Improvement Dominance

Mooresville, NC – June 10, 2024 – In a bold move to expand its market share and enhance its digital capabilities, Lowe’s Companies, Inc. (NYSE: LOW) has announced the acquisition of leading smart home technology provider Automate Living for a staggering $1.2 billion.

The deal, finalized late Tuesday, positions Lowe’s to compete more aggressively with rival Home Depot in the rapidly growing smart home and connected devices sector. Automate Living, known for its AI-powered home automation systems, will integrate its technology into Lowe’s stores and online platforms, offering customers seamless smart home solutions.

Lowe’s CEO, Marvin Ellison, stated, 'This acquisition accelerates our strategy to become the most innovative home improvement retailer. Automate Living’s cutting-edge technology will allow us to deliver a more connected, efficient, and personalized shopping experience.'

Industry analysts predict the deal could disrupt the home improvement market, as Lowe’s gains an edge in smart home installations and IoT (Internet of Things) services. The transaction is expected to close by Q4 2024, pending regulatory approval.

Shares of Lowe’s rose 3.5% in pre-market trading following the announcement, signaling investor confidence in the company’s growth strategy.

— By [Your Name], Business Correspondent

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