Ritchie Bros. and IronPlanet have announced an agreement under which Ritchie Bros. is acquiring IronPlanet for approximately $758.5 million U.S.
According to Construction Equipment Guide, IronPlanet "complements Ritchie Bros.' primarily end-user customer base, as it focuses largely on the needs of corporate accounts, equipment manufacturers, dealers and government entities in equipment disposition solutions."
Ritchie Bros. has simultaneously announced a strategic alliance agreement in which they will become Caterpillar's preferred global partner for live onsite and online auctions of used Caterpillar equipment. This strategic alliance expands on existing agreements between Caterpillar, its dealers, and IronPlanet; it becomes effective when the Ritchie Bros. acquisition of IronPlanet is completed.
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