Ritchie Bros to buy U.S. e-commerce site IronPlanet for $758 mln

Mon Aug 29, 2016 7:02pm EDT
 
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Aug 29 (Reuters) - Canadian industrial auctioneer Ritchie Bros Auctioneers Inc said it will buy IronPlanet, a privately held U.S. e-commerce site for used equipment, for about $758.5 million, as it looks to diversify its portfolio.

Burnaby, Vancouver-based Ritchie, which focuses on the sale of heavy machinery, will fund the transaction with a combination of cash and new debt.

IronPlanet, backed by Caterpillar Inc, allows users to place bids online or on-site, or buy at a fixed price. It offers a multi-channel platform for the sale of assets.

The deal is expected to close by the first half of 2017.

Goldman, Sachs & Co. is serving as financial adviser to Ritchie, while Skadden, Arps, Slate, Meagher & Flom LLP and Dechert LLP are serving as its legal advisers. J.P. Morgan Securities LLC is serving as financial adviser to IronPlanet and Orrick, Herrington & Sutcliffe LLP is serving as its legal adviser.

(Reporting by Vishaka George in Bengaluru; Editing by Leslie Adler)