Ritchie Bros. auctioneers will acquire Euro Auctions Group in a US $1.08 billion cash deal, establishing a key foothold for markets in Europe, the Middle East, and Africa.

Euro Auctions, founded in 1998, conducts onsite and online heavy equipment auctions under the Euro Auctions and Yoder & Frey brands, and has 200 employees in 14 countries. Last year it conducted 60 auctions that sold close to 90,000 items.

Euro Auctions has a “considerable presence” across Europe and the Middle East, particularly in the U.K. and Germany, Ritchie Bros. says, noting that the acquired business will be used as a platform to accelerate international growth.

The business brands and employees are to be retained, although Ritchie Bros. will be integrating its online tools and digital services.

“Dave Ritchie and his brothers were a big inspiration for my brothers and I in the creation of Euro Auctions,” said Euro Auctions founder and director Derek Keys.

“This acquisition significantly accelerates our strategy to drive revenue and earnings growth and add shareholder value by continuing to expand our capabilities in new channels, sectors, regions, and customer segments,” Ritchie Bros. CEO Ann Fandozzi said in a related press release.

“Their ‘can do’ attitude and entrepreneurial spirit combined with technology has helped them adapt and grow, in much the same way as we have.”

The deal is expected to close in late 2021 or early 2022, subject to regulatory approvals.