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News » Canada » Green light for Ritchie Bros to acquire IronPlanet » published 18 May 2017

Green light for Ritchie Bros to acquire IronPlanet

The receipt of unconditional antitrust clearance from the US authorities means that the acquisition of US equipment auction business IronPlanet by Canada’s Richie Bros is expected to close in the next few weeks.

Ritchie Bros has also announced that it is to become Caterpillar's preferred partner for used equipment auctions. The auction firm sees the long-term strategic alliance with Caterpillar as significantly strengthening its relationship with Caterpillar's independent dealers around the world by providing enhanced and continued access to a global auction marketplace to sell their used equipment.

"Over the last three years, we've been successfully executing on a multi-channel diversification strategy to ensure that the company stays relevant and strong in a changing environment,” said Ritchie Bros CEO Ravi Saligram. “In IronPlanet, we found a company that allows us to continue our rich history of innovation and gives us the tools and talent to transform into a digital information and insights powerhouse. The missions of our companies are aligned: deliver maximum choice and value to our customers. We look forward to bringing our combined pride and passion together under one umbrella to accelerate our growth initiatives and add shareholder value."

Greg Owens, IronPlanet chairman and CEO added: "The management team and employees of IronPlanet are enthusiastic about joining forces with Ritchie Bros – the possibilities are endless when you merge brand strength with technology. We are inspired by the vision of leading a digital transformation in the industry."

Ritchie Bros. and IronPlanet first announced the acquisition in August 2016.

 

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This article was published on 18 May 2017 (last updated on 18 May 2017).

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