RBA - Ritchie Bros. IAA receive all necessary regulatory clearance for proposed merger

• Ritchie Bros. Auctioneers ( NYSE: RBA ) and IAA ( NYSE: IAA ) have received all necessary regulatory clearance required pursuant to their previously announced merger.
• The companies announced expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and receipt of a no-action letter from the Canadian Commissioner of Competition with respect to the pending acquisition of IAA by Ritchie Bros.
• In Nov 2022, Ritchie Bros. Auctioneers ( RBA ) agreed to acquire IAA ( IAA ) in a stock and cash transaction valued at ~$7.3B. Pursuant to the deal, IAA stockholders will receive $10.00 in cash and 0.5804 shares of Ritchie Bros. ( RBA ) common stock for each share of IAA common stock they own.
• The transaction is expected to close in the first half of 2023, subject to approval by Ritchie Bros. shareholders of the issuance of Ritchie Bros. common shares in connection with the acquisition, adoption of the merger agreement by IAA stockholders, and other customary closing conditions.

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