Construction equipment auctioneer and distributor Ritchie Bros has announced it has received unconditional clearance from the US Department of Justice for its acquisition of IronPlanet.
The deal – which was announced in August last year – is worth US$758.5 million (€679 million).
US-based IronPlanet sells machinery primarily through online platforms, with weekly online auctions. In 2015, it sold around US$787 million (€704 million) worth of equipment.
Collectively, Ritchie Bros. and IronPlanet sold over US$3 billion (€2.7 billion) worth of equipment in the 12 months to 30 June, 2016.
Following the clearance, Ravi Saligram, Ritchie Bros CEO, said, “Over the last three years, we’ve been successfully executing on a multi–channel diversification strategy to ensure that the company stays relevant and strong in a changing environment.
“In IronPlanet, we found a company that allows us to continue our rich history of innovation and gives us the tools and talent to transform into a digital information and insights powerhouse.”
Mr Saligram added that the missions of the two companies were similar – wanting to deliver maximum choice and value to their customers.
The transaction is expected to close in the next few weeks. A new organisational structure will be announced after closing.
On completion of the IronPlanet acquisition last August, Ritchie Bros said it would also start an initial five-year strategic alliance with manufacturer Caterpillar which would see it become Caterpillar’s preferred global partner for live onsite and online auctions.
Caterpillar owns a minority stake in IronPlanet.