Ritchie Bros to buy PE-backed IronPlanet for $758.5 mln

Ritchie Bros Auctioneers Inc said Aug 29 that it agreed to buy IronPlanet for about $758.5 million. Sellers include Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar and Volvo. Pleasonton, California-based IronPlanet is an online marketplace for used heavy equipment and other durable asset sales. Goldman, Sachs & Co provided financial advice to Ritchie Bros and Skadden, Arps, Slate, Meagher & Flom LLP and Dechert LLP served as legal advisors. J.P. Morgan Securities LLC acted as financial advisor to IronPlanet and Orrick, Herrington & Sutcliffe LLP was their legal advisor.

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