Online vehicle seller IAA to be purchased for $7.3 billion

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IAA Inc. IAA, +1.13% shares rallied 9.2% in premarket trades Monday after Ritchie Bros. Auctioneers Inc. RBA, +0.26% RBA, -1.53% said it agreed to buy the Westchester, Ill.-based online marketplace for $7.3 billion. IAA shareholders will receive $10 in cash and 0.5804 shares of Ritchie Bros. common stock for each share of IAA common stock they own. The deal values IAA at $46.88 per share, a 19% premium to its closing share price on Friday. The boards of directors of both companies have approved the transaction unanimously. Ritchie Bros. CEO Ann Fandozzi said the deal “accelerates our journey to become the trusted global marketplace for insights, services and transaction solutions.” Shares of industrial auctioneer Ritchie Bros. are up 1.8% in 2022 compared to a 20.9% drop by the S&P 500 SPX, +1.36%.

This article was originally published by Marketwatch.com. Read the original article here.

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