Ritchie Bros. announces discontinuation of Euro Auctions acquisition

Despite interest, desire, and compelling benefits to customers, we have made the difficult decision to not move forward with the Euro Auctions acquisition. After nine months of review, the UK Competition and Markets authority has informed us we must now proceed to Phase 2, with little chance of approval, based on expert third-party assessments.

We are disappointed by the decision taken by the CMA to refer the proposed acquisition to a Phase 2 review and respectfully disagree with their views.

While we believe the proposed acquisition would have accelerated our strategy, we remain committed to forging ahead in our transformational journey to become the trusted global marketplace for insights, services and transaction solutions.  We will continue to seek out and execute on organic investments and key acquisitions to accelerate our pace in achieving our ultimate vision.

Ann Fandozzi, Ritchie Bros. Chief Executive Officer

Today we have solutions for every situation and continue to make investments in our technology, with unreserved auctions, our online reserved 24/7 Marketplace-E solution, and equipment listing platform Mascus. We also have launched data and insight tools, an inventory management system, parts procurement software, and much more, and will continue to innovate and find new ways to increase efficiency and insights in the markets in which we operate.

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See also

Beyond the Bids: Building the most liquid marketplace in the world