Ritchie Bros. Auctioneers has completed its acquisition of IAA Inc.
As previously announced in January, IAA shareholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own.
“The closing of the IAA acquisition represents the beginning of an exciting new chapter for Ritchie Bros. as we expect the combination of our businesses to drive long-term, profitable growth and significant, sustainable shareholder value creation,” said Ann Fandozzi, chief executive officer of Ritchie Bros.
“With IAA, we will accelerate our transformation into a premier digital marketplace and expand into an attractive, adjacent vertical, broadening our global footprint. Our combined yard footprint, marketplace infrastructure and comprehensive suite of innovative solutions will allow us to serve customers more effectively and efficiently than ever before.”
IAA is a global digital marketplace connecting vehicle buyers and sellers. The company’s unique platform facilitates the marketing and sale of total-loss, damaged and low-value cars, trucks and motorcycles. Based in Westchester, Illinois, IAA has about 4,500 employees and more than 210 facilities throughout the United States, Canada and the United Kingdom.
RELATED: Ritchie Bros acquires Euro Auctions for $1 billion+
“I would like to extend a heartfelt thank you to our colleagues at Ritchie Bros. for their unwavering focus on our customers and business success and welcome our new IAA teammates to the Ritchie Bros. family,” Fandozzi said. “With dedicated teams and detailed plans in place, we are excited to hit the ground running in integrating our businesses and pursue the significant opportunities that the combined Ritchie Bros. and IAA will create for employees, customers and shareholders.”
As a result of the completion of the transaction, IAA’s common stock ceased trading on the New York Stock Exchange under the ticker symbol “IAA” as of the close of trading on March 20.
