06 - 06 - 2017 MyTractor

Ritchie Bros. and Ironplanet get unconditional antitrust clearance from the US Department of Justice

Ritchie Bros, the world's largest heavy equipment auctioneer and provider of comprehensive services, today announced the receipt of unconditional antitrust clearance from the US Department of Justice for the proposed acquisition of IronPlanet, an online marketplace for equipment Heavy and other durable assets. Ritchie Bros.'s high brand reputation and high customer confidence coupled with IronPlanet's digital skill-based intuitive technology will provide multiple product and channel offerings. "Over the past three years, we have been successfully working on a multi-channel diversification strategy to maintain the strength and relevance of the company in a changing environment. At IronPlanet we have found a company that allows us to continue our extensive history of innovation and provides us with the tools and talent to transform ourselves into a digital information giant, "said Ravi Saligram, CEO of Ritchie Bros. Our companies are aligned: to provide our customers with the maximum options and value. We look forward to bringing our pride and passion under one roof to accelerate our growth initiatives and add shareholder value. " IronPlanet President & CEO Greg Owens added: "IronPlanet management team and employees are excited about joining forces with Ritchie Bros. The possibilities are endless when you merge brand strength with technology. We are inspired by the vision of leading the digital transformation in the sector ". The expected benefits of Ritchie Bros.'s acquisition of IronPlanet are numerous and will have a positive impact on the business both internally and externally. These are the highlights: 1- Be pioneers on the road to the future Ritchie Bros., a company that never stops innovating, thinks about the future and is focused on growth. By continuing to invest in technology and providing comprehensive support solutions, the company will continue to be a benchmark for team values ​​around the world. 2- Maximizing opportunities for customers. The acquisition of IronPlanet is designed to provide the highest quality asset disposal options to serve customers in the best way possible. Acquisition is the next step in Ritchie Bros.'s multi-channel and diversification strategy. As a successful player in the market for nearly 60 years, Ritchie Bros. is a leader in the industry thanks to its unique business model and its legacy of extraordinary relationships with the clients. 3- Partnership with Caterpillar. Ritchie Bros. also begins a long-term strategic alliance with Caterpillar that will significantly strengthen its relationship with Caterpillar's independent distributors worldwide through continued and improved access to the global auction market to sell its used equipment.

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