Ritchie Bros. finalized its acquisition of IronPlanet this week, paying about $758.5 million for the online auction company.
The company said it will combine its online EquipmentOne brand with the IronPlanet DailyMarketplace to create MarketPlace E.
Sales forces will be combined in the U.S., Canada, and Europe "to offer customers three main product offerings: RBA integrted unreserved onsite auctions; IronPlanet weekly featured auctions, and Marketplace E."
The acquisition also allows Ritchie Bros. to enter into a five-year agreement with Caterpillar that the company says will "strengthen its relationship with Caterpillar's independent dealers." It will also continue to coordinate and manage Cat auctions in respective dealer geographies.
Source: Ritchie Bros.