VANCOUVER, B.C. – Ritchie Bros. announced today (Aug. 29) that it will acquire IronPlanet, an online marketplace for used and heavy equipment, for approximately US$758.5 million, subject to customary closing adjustments.
Ritchie Bros. also said it would enter into a long-term strategic alliance with Caterpillar to be its preferred global partner for live onsite and online auctions upon completion of the IronPlanet acquisition.
“This transformative transaction is the logical next step for Ritchie Bros., building on our multi-channel platform, global reach and long-standing customer relationships,” said Ravi Saligram, CEO of Ritchie Bros.
Saligram added that Ritchie Bros. was proud to enter into an historic alliance with Caterpillar, which will strengthen the two companies’ relationship.