Tuesday 21 March 2023

Canada-based auctioneer Ritchie Bros. Auctioneers Inc. (NYSE: RBA) (TSX: RBA) has completed its acquisition of IAA, Inc, a digital marketplace connecting vehicle buyers and sellers, the company said.

Under the terms of the merger agreement, IAA stockholders will receive USD 12.80 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own.

Upon completion of the transaction, the parties expect that on a fully diluted basis IAA stockholders will own approximately 37.2% of the combined company and Ritchie Bros. shareholders will own approximately 62.8%.

IAA, Inc. (NYSE: IAA) is a global digital marketplace connecting vehicle buyers and sellers. Leveraging technology and focusing on innovation, IAA's platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles.

Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,500 employees and more than 210 facilities throughout the US, Canada and the United Kingdom.

As previously announced, in conjunction with the transaction close, the Ritchie Bros. board of directors will consist of 12 members