The announcement is considered the first step in the process of joining the two teams together. The transaction is expected to be complete by the first half of 2017 following regulatory clearances and the satisfaction of other customary closing conditions. Until then, IronPlanet and Ritchie Bros. will continue to operate independently as competitors.
Ritchie Bros. also announced today that it has entered into a historic, long-term strategic alliance with Caterpillar, which will significantly strengthen its relationship with Caterpillar dealers. Ritchie Bros. will become Caterpillar’s preferred global partner for live onsite and online auctions under the agreement, which will take effect upon completion of the IronPlanet acquisition.
The transaction was approved by the Boards of Directors of both companies and is expected to close by the first half of 2017, subject to regulatory clearances and the satisfaction of other customary closing conditions.