Canadian equipment marketplace Ritchie Bros Auctioneers Inc said on Monday it would buy U.S.-based IAA Inc in a cash-and-stock deal valued at about $7.3 billion including debt.
The deal for IAA, which trades in damaged vehicles, will help Ritchie Bros expand its scope and footprint across the United States, Canada and Europe. Ritchie Bros currently specializes in online auctions for used equipments for construction to drilling and mining.
The purchase price of $46.88 per share represents a premium of about 19% to IAA's stock close on Nov. 4. IAA shares were trading 2.01% higher at $40.04 in premarket hours.Under the terms of the deal, IAA stockholders will get $10 in cash and 0.5804 shares of Ritchie Bros common stock for each IAA share held, the companies said.The cash portion of the deal is expected to be financed through a mix of cash on hand and new debt.
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