The U.S. Department of Justice’s Antitrust Division has cleared Ritchie Bros.’ proposed purchase of IronPlanet announced last August. The estimated $758.5 million purchase sets the stage for potential combined online sales of $3 billion annually.
The acquisition could close “in the next few weeks” with a new organization structure announced following. Ritchie Bros. CEO Ravi Saligram will lead the combined companies.
“The management team and employees of IronPlanet are enthusiastic about joining forces with Ritchie Bros.—the possibilities are endless when you merge brand strength with technology,” says IronPlanet Chairman and CEO Greg Owens. “We are inspired by the vision of leading a digital transformation in the industry.”
Saligram says the purchase is part of the Ritchie Bros. effort over the last three years to diversify through a multi-channel effort to keep the company “relevant and strong” in the fast paced equipment auction space. “This is our journey from being a brick-and-mortar live auctions company to really being a multi-channel technology company,” Saligram explains.
And while the move is clearly an acquisition, he says it’s being treated as a merger.
“Not all the senior level positions will be at Ritchie Bros.,” he says. “There will be some senior positions occupied by IronPlanet people, some by Ritchie Bros. people and it will be unique.”
