Business
Ritchie Bros. to Acquire IAA and Create a Leading Global Marketplace for Commercial Assets and Vehicles
Ritchie Bros. to Acquire IAA and Create a Leading Global Marketplace for Commercial Asset...
About this update from Rb Global, Inc.
[{"type":"text","content":"\n \n \n \n Ritchie Bros. to Acquire IAA and Create a Leading Global Marketplace for Commercial Assets and Vehicles\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 Combines Highly Complementary Businesses Operating in Adjacent Verticals to Unlock Accelerated Growth\n \n \n \n \n Accelerates Scale and Diversifies Business Through Expansion into the Growing and Resilient Vehicle Market with a Proven Leader and Pro Forma LTM\n \n 1\n \n Gross Transaction Value of Approximately\n \n $14.5 Billion\n \n \n \n \n \n Expected to be Accretive to Adjusted Earnings Per Share Post-Close and to Achieve\n \n $100\n \n to $120+ Million in Annual Run-Rate Cost Synergies by the End of 2025\n \n \n \n \n Stock and Cash Transaction Valued at Approximately\n \n $7.3 Billion\n \n \n \n \n \n Companies to Host Conference Call at\n \n 8:00 A.M. Eastern Time\n \n Today to Discuss Transaction and Ritchie Bros.' Third Quarter 2022 Financial Results\n \n \n \n \n \n VANCOUVER, BC\n \n and\n \n WESTCHESTER, Ill.\n \n \n ,\n \n \n Nov. 7, 2022\n \n \n /PRNewswire/ -- Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA), (the \"Company\" or \"Ritchie Bros.\") and IAA, Inc. (NYSE: IAA), today announced that they have entered into a definitive agreement under which Ritchie Bros. will acquire IAA in a stock and cash transaction valued at approximately\n \n $7.3 billion\n \n including the assumption of\n \n $1.0 billion\n \n of net debt.\n \n 2\n \n The transaction has the unanimous support of both boards of directors.\n \n \n Under the terms of the merger agreement, IAA stockholders will receive\n \n $10.00\n \n in cash and 0.5804 shares of Ritchie Bros. common stock for each share of IAA common stock they own. The purchase price of\n \n $46.88\n \n per share represents a premium of approximately 19% to the closing share price of IAA common stock on\n \n November 4, 2022\n \n , and 23% to the 10-day volume-weighted average price, using Ritchie Bros.' 10-day volume-weighted average price on the NYSE of\n \n $63.55\n \n...