Auctioneer Ritchie Bros. buys IAA for US$7.3 billion

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Auctioneer Ritchie Bros . buys IAA for US$7.3 billion

Ritchie Bros. specializes in online auctions of used construction, drilling and mining equipment.

Ritchie Bros., an auctioneer headquartered in Burnaby , in British Columbia, announces that it has signed an agreement to acquire the American company IAA, which specializes in online vehicle auctions, for the sum of 7.3 billion US dollars.

This sum includes the assumption by Ritchie Bros. of a net debt of one billion US dollars.

Under the terms of the agreement, IAA shareholders will receive cash compensation of US$10 and 0.5804 shares of Ritchie Bros. for each IAA share they own.

The purchase price, valued at US$46.88 per share, represents a 19% premium to the IAA's stock closes Friday on the New York Stock Exchange.

IAA specializes in the online auction of salvage vehicles. The company employs 4,500 people worldwide and has more than 210 offices in the United States, Canada and the United Kingdom.

The transaction is expected to close in the first half of 2023 , subject to Ritchie Bros. shareholder approval. and IAA as well as regulatory approvals.

Ritchie Bros. specializes in online auctions of used construction, drilling and mining equipment.

With information from La Presse canadienne, and Reuters

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