CA - Ritchie Bros. looks for synergies after completing acquisition of IAA

2023-03-20 16:30:10 ET

Ritchie Bros. Auctioneers Incorporated ( NYSE: RBA ) announced that it has completed the planned acquisition of IAA ( IAA ).

The global asset management and disposition company expects the combination of the businesses to drive long-term, profitable growth and significant, sustainable shareholder value creation.

"With IAA, we will accelerate our transformation into a premier digital marketplace and expand into an attractive, adjacent vertical, broadening our global footprint," said CEO Anna Fanodozzi. The combined yard footprint, marketplace infrastructure and comprehensive suite of innovative solutions are seen leading to efficiency advantage for Ritchie Bros. ( RBA )

In conjunction with the transaction close, the Ritchie Bros. Board of Directors will consist of 12 members. Mahesh Shah and Chris Zimmerman have stepped down from the Ritchie Bros. Board, effective immediately.

As previously announced, the Ritchie Bros. Board declared a special cash dividend on Ritchie Bros.' outstanding common shares of $1.08 per share. Payment of the dividend will be made to eligible Ritchie Bros. shareholders on March 28. IAA stockholders will not be entitled to receive the special dividend with respect to any Ritchie Bros. common shares received as consideration in the transaction.

Read the latest breakdowns on Ritchie Bros. from Seeking Alpha contributors.

For further details see: