Ritchie, IronPlanet CEOs Discuss Recent Acquisition

Ravi Saligram, CEO of Ritchie Bros., and Gregory J. Owens, chairman and CEO of IronPlanet, spoke to Construction Equipment Guide (CEG) about what the future holds.

Despite early indications that IronPlanet was to eventually go public, the company decided that the Ritchie Bros. plan was more desirable and a better investment for IronPlanet investors.

Ritchie Bros. Auctioneers Incorporated and IronPlanet have jointly announced that they have entered into an agreement under which Ritchie Bros. will acquire IronPlanet for approximately $758.5 million, subject to customary closing adjustments. The deal is expected to be finalized in the first half of 2017.

Following the announcement, Ravi Saligram, CEO of Ritchie Bros., and Gregory J. Owens, chairman and CEO of IronPlanet, spoke to Construction Equipment Guide (CEG) about what the future holds.

Read full story HERE