Edmonton-based furniture retailer The Brick has been sold to Leon’s in a $700 million deal.

The acquisition was announced on Sunday, and Leon’s president and CEO says the deal “brings together two great Canadian companies.”

Leon's bought The Brick for $5.40 per share and will acquire all outstanding common share purchase warrants of The Brick for $4.40 per warrant.

Leon’s and The Brick will continue to operate as separate banners out of offices in Toronto and Edmonton.

Terry Leon will remain as president and CEO of Leon’s and will be CEO of the combined entity.

Vi Konkle will remain president of The Brick.

“We welcome this opportunity to partner with this iconic corporation,” Konkle said in a news release.

“By joining forces, we can strengthen both of our businesses, enhancing everything that has made Leon’s and The Brick two of Canada’s best-known retailers and preserving The Brick’s roots in Edmonton.”

Representatives from both companies are expected to discuss the deal in a joint press conference set for Monday.

The Brick was founded in Edmonton more than 40 years ago, in 1971 by Bill Comrie.

It has since grown to more than 200 locations operating under The Brick, United Furniture Warehouse, The Brick Mattress Store and Urban Brick banners.

Leon’s was founded in 1909 and has 76 stores across Canada.

The transaction is expected to close in the first quarter of 2013, subject to certain approvals.