Orrick Secures Antitrust Clearance for $758.5 Million Sale of Iron Planet to Ritchie Brothers

May.19.2017

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.

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John Bautista Partner, Technology Companies Group, Mergers & Acquisitions

San Francisco; Santa Monica; Silicon Valley

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D:+1 650 614 7652
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Practice:

Technology & Innovation Sector
Technology Companies Group
Mergers & Acquisitions
Corporate Governance
Fintech
Blockchain and Virtual Currency

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John Bautista Partner

San Francisco; Santa Monica; Silicon Valley

John focuses his practice on advising emerging companies and investors, and represents both public and private high-tech and life sciences companies in many areas, including corporate and securities law, venture capital financings, mergers and acquisitions, public offerings, public company representation and technology licensing.

The Recorder named John the “2019 Innovator of the Year” for his work as the chief lawyer on the Long-Term Stock Exchange, a U.S. Securities and Exchange Commission-approved exchange designed to change the paradigm of traditional stock markets by rewarding entrepreneurs and investors committed to long-term business strategies. Financial Times recognized John as one of the Top 10 Most Innovative Individuals of the Year in 2017, calling him “one of the most influential lawyers in the technology ecosystem of Silicon Valley.” He is ranked Band 2 by Chambers USA California, for Venture Capital and Chambers USA Nationwide, ranked him Band 3 for Startups & Emerging Companies.

John is a Board member and co-founder of the Long-Term Stock Exchange, which is creating a new stock exchange for public companies supporting long-term investors, as well as an advisor and co-founder of Clerky.com, a company automating legal work for early-stage companies. He is also recognized for his work with Y Combinator companies.

Prior to joining Orrick, John was a founding attorney of Venture Law Group and served on the Executive Committee. John previously practiced at Wilson, Sonsini, Goodrich & Rosati. John also served as Mayor of the City of Cupertino, California and a council member from 1993-1997, where he helped build important public partnerships, including with Apple Computer, the Mid-Peninsula Open Space Preserve, and San Jose and California Water Companies.