Toronto, Ontario — After some bumps along the road of negotiation, the Ritchie Bros acquisition of IAA has been completed following shareholder agreement from both parties.
This merger will see IAA stockholders receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own.
When all is said and done, Ritchie Bros will own approximately 62.8 percent of the new company, while IAA will come away with 37.2 percent. The acquisition was first announced in Nov. 2022.
For IAA’s part, the chair of the company’s board of directors, John P. Larson said, “We are pleased that IAA and Ritchie Bros. stockholders support the combination of our two strong companies.
“This transaction will combine the best-of-the-best marketplace capabilities to deliver more value for customers, expanded opportunities for employees, and a stronger economic model with enhanced returns for stockholders.”
Ann Fandozzi, CEO of Ritchie Bros, responded to the news in a separate press release, saying “We thank our shareholders for their confidence in the Ritchie Bros team, our strategy and the significant value creation potential we can unlock through the Ritchie Bros-IAA combination.
“We have a proven record of delivering on our stakeholder commitments and look forward to continuing this record with IAA—providing outstanding returns for our investors, exciting opportunities for our employees and enabling our customers to be even more successful by tapping into Ritchie Bros’ marketplace of value-added insights, services and transaction solutions.”
