Ritchie Bros. To Acquire SmartEquip For About $175 Mln - Quick Facts

(RTTNews) - Ritchie Bros. Auctioneers (RBA, RBA.TO) and SmartEquip announced Monday that they have entered into a definitive agreement under which Ritchie Bros. will acquire 100% of the equity of SmartEquip for approximately $175 million.

SmartEquip is a parts and service technology company. Its technology platform allows customers to manage the equipment service lifecycle and conduct fully integrated parts procurement with OEMs and dealers.

Completion of the acquisition is subject to customary closing conditions, including, among other conditions, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.