Orrick has secured an unconditional antitrust clearance from the US Department of Justice for the $758.5 million sale of our client, IronPlanet, to Ritchie Brothers. IronPlanet is a major online used equipment seller and a leading online marketplace for used heavy equipment and other durable asset sales, and Ritchie Bros. operates one of the world’s largest onsite auctions of industrial equipment distributor.
The deal is significant given that the United States remains in the midst of recovering from the Great Recession – and this transaction will facilitate efficient commerce between sellers and buyers of used equipment that is used in critical infrastructure, construction, agricultural, and other important development activities. In addition, the deal brings together Ritchie Bros.' strength in live, onsite and integrated online auctions with IronPlanet's leading position as an online marketplace, creating a broader multi-format equipment sales and asset management platform. The acquisition is expected to close in the next few weeks.
The Orrick team representing IronPlanet includes Garret Rasmussen, Jim Tierney, Tony Kim, John Bautista, Richard Smith, Jon Direnfeld, Elena Kamenir, Evgeniya Shakina and Pat Zeigler.