IronPlanet to be acquired by Ritchie Bros. Auctioneers

Ritchie Bros. Auctioneers Incorporated, the world’s largest industrial auctioneer and a leading equipment distributor (NYSE & TSX: RBA, “Ritchie Bros.”), and IronPlanet, a leading online marketplace for used heavy equipment and other durable asset sales, today jointly announced that they have entered into an agreement under which Ritchie Bros. will acquire IronPlanet for approximately US$758.5 million, subject to customary closing adjustments.

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.

Read the complete press release

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