A Google executive said on Tuesday that the search giant will buy Lowe’s for $1.7 billion in cash.
The deal will make Lowe’s the third company Google has purchased for less than the cost of its stock in recent months, following its $7.2 billion acquisition of online video-streaming service Netflix.
It will give the tech company an even bigger stake in online video services, including its YouTube and YouTube Music properties.
It also will give Google a much bigger stake than it has in traditional TV networks.
Google has said it will sell some of its remaining stake in TV networks to offset the $7 billion purchase of Netflix.
In January, Google reported that it would sell its stake in Viacom Inc. in 2019.
Google said it has made more than $20 billion in online advertising sales since the company was founded in 2004.
The search giant has a $8.5 billion valuation, including $1 billion in stock.