Ritchie Bros. Auctioneers Inc. announced it has closed its acquisition of U.S. firm IAA Inc. after a contentious few months that saw shareholders divided over the deal.
Shareholders of the Vancouver-based auction company voted to approve the deal last Tuesday, as did shareholders in IAA, an automotive salvage company.
Several Ritchie Bros. shareholders had expressed concerns about the risks posed by the deal and had made it clear they planned to vote against it.
The company says IAA shareholders will get US$12.80 in cash and 52.52 per cent of a share in Ritchie Bros. for each share they own.
Ritchie Bros. CEO Ann Fandozzi said the closing of the acquisition represents the beginning of an exciting new chapter for Ritchie Bros.
Fandozzi said she expects the combination of the two businesses to help drive long-term, profitable growth.
This report by The Canadian Press was first published March 20, 2023.
Companies in this story: (TSX:RBA)
The Canadian Press