Ritchie Bros., IAA Receive Regulatory Clearance With Respect To Pending Acquisition

(RTTNews) - Ritchie Bros. Auctioneers Incorporated (RBA, RBA.TO) and IAA, Inc. (IAA) have received all necessary regulatory clearance required pursuant to the Agreement and Plan of Merger and Reorganization between the parties. The deal is expected to close in the first half of 2023, subject to approval by Ritchie Bros. shareholders, adoption of the merger agreement by IAA stockholders, and other customary closing conditions.

On Tuesday, the companies announced expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and receipt of a no-action letter from the Canadian Commissioner of Competition with respect to the acquisition.