Ritchie Bros. Auctioneers and IAA Inc. Tuesday announced expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and receipt of a no-action letter from the Canadian Commissioner of Competition with respect to the pending acquisition of IAA by Ritchie Bros.
The parties have received all necessary regulatory clearance required pursuant to the previously announced Agreement and Plan of Merger and Reorganization between the parties dated as of Nov. 7, 2022.
The transaction is expected to close in the first half of 2023, subject to approval by Ritchie Bros. shareholders of the issuance of Ritchie Bros., common shares in connection with the acquisition, adoption of the merger agreement by IAA stockholders, and other customary closing conditions, the companies say.
