Ritchie Bros. Auctioneers Dips 18% Following Decision To Buy IAA, Inc.

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Shares of Ritchie Bros. Auctioneers Incorporated (RBA) are falling more than 18% Monday morning at $51.06.

Today, the company announced its decision to acquire IAA, Inc. (IAA), a digital marketplace that connects vehicle buyers and sellers, in a cash and stock transaction valued about $7.3 billion, including assumption of $1.0 billion net debt.

As per the deal, IAA stockholders will receive $10 in cash and 0.5804 shares of Ritchie Bros. for each IAA stock they own.

Separately, Ritchie Bros. reported its third quarter results today, with a revenue growth of 25% year-on-year at $411.5 million.

Profit rose to $42.91 million or $0.38 per share from $32.34 million or $0.29 per share in the same quarter a year ago. Excluding one-time items, earnings were $0.53 per share.

RBA has traded in the range of $48.65-$74.08 in the last 1 year.

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