Business
Ritchie Bros. Completes Acquisition of IAA, Creating a Premier Global Marketplace Leader
Ritchie Bros. Completes Acquisition of IAA, Creating a Premier Global Marketplace Leader ...
About this update from Rb Global, Inc.
[{"type":"text","content":"\n \n \n \n Ritchie Bros. Completes Acquisition of IAA, Creating a Premier Global Marketplace Leader\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Combined Company Positioned for Growth and Shareholder Value Creation\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n March 20, 2023\n \n \n /CNW/ - Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) today announced that it has completed its acquisition of IAA, Inc. (\"IAA\"). As previously announced on\n \n January 23, 2023\n \n , under the terms of the amended merger agreement, IAA shareholders will receive\n \n $12.80\n \n per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own.\n \n \n \"The closing of the IAA acquisition represents the beginning of an exciting new chapter for Ritchie Bros. as we expect the combination of our businesses to drive long-term, profitable growth and significant, sustainable shareholder value creation,\" said\n \n Ann Fandozzi\n \n , CEO of Ritchie Bros. \"With IAA, we will accelerate our transformation into a premier digital marketplace and expand into an attractive, adjacent vertical, broadening our global footprint. Our combined yard footprint, marketplace infrastructure and comprehensive suite of innovative solutions will allow us to serve customers more effectively and efficiently than ever before.\"\n \n \n Fandozzi continued, \"I would like to extend a heartfelt thank you to our colleagues at Ritchie Bros. for their unwavering focus on our customers and business success and welcome our new IAA teammates to the Ritchie Bros. family. With dedicated teams and detailed plans in place, we are excited to hit the ground running in integrating our businesses and pursue the significant opportunities that the combined Ritchie Bros. + IAA will create for employees, customers and shareholders.\"\n \n \n As previously announced, in conjunction with the transaction close, the Ritchie Bros. Board of Directors will consist of 12 members and include:\n \n \n \n \...