Heavy machinery seller IronPlanet bought by Ritchie Bros. for $758.5M
Ritchie Bros. Auctioneers, which focuses on the sale of heavy machinery, acquired industrial e-commerce site IronPlanet on Monday for $758.5 million.
The Vancouver-based Ritchie will use a combination of cash and new debt to finance the transaction. The deal is expected to close in the first half of 2017.
CEO Gregory J. Owens heads up Pleasanton-based IronPlanet, which was founded in 1999 as a platform where customers can bid on and purchase heavy machinery. The company is backed by Caterpillar...