BRIEF-Ritchie Bros Auctioneers to buy Ironplanet for about $758.5 mln

Mon Aug 29, 2016 6:11pm EDT
 
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Aug 29 (Reuters) - Ritchie Bros. Auctioneers Inc

* Will acquire Ironplanet for approximately $758.5 million, subject to customary closing adjustments

* Intends to finance transaction through a combination of cash on hand and new debt

* Has bridge financing commitments from Goldman Sachs Bank USA

* Transaction is expected to be accretive to earnings within first year

* Following close and required financing, Ritchie Bros is expected to have a net debt to EBITDA ratio of no more than 3.0x

* Gregory Owens has agreed to join combined company's executive committee upon closing Source text for Eikon: Further company coverage: