Antitrust clearance paves the way for Ritchie Bros. acquisition of IronPlanet
Ritchi Bros. acquisition of IronPlanet is expected to close in few weeks following an unconditional antitrust clearance from the US Department of Justice.
Ritchie Bros., the world’s largest heavy equipment auctioneer, has announced the receipt of unconditional antitrust clearance from the US Department of Justice for the proposed acquisition of IronPlanet, a leading online marketplace for heavy equipment and other assets.
Ritchie Bros. outstanding brand reputation and high degree of customer trust, coupled with IronPlanet’s digital prowess built on user friendly technology, will provide multiple product and channel offerings.
“Over the last three years, we have been successfully executing on a multi-channel diversification strategy to ensure that the company stays relevant and strong in a changing environment. 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,” says d Ravi Saligram, Ritchie Bros. CEO.
“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.”
“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,” says Greg Owens, IronPlanet chairman and CEO.
The transaction is expected to close in the next few weeks. A new organisational structure will be announced after closing.