Home \ International \ Ritchie Bros. Announces Discontinuation of Euro Auctions Acquisition
Ritchie Bros. Announces Discontinuation of Euro Auctions Acquisition
18/05/2022
Pubblicato da Redazione
Ritchie Bros. Auctioneersannounced that its wholly owned indirect subsidiary, Ritchie Bros. UK Holdings Ltd. ("RB Purchaser") is discontinuing the Phase 2 review by the UK Competition and Markets Authority (the "CMA").
Ritchie Bros. Auctioneers, a leading global asset management, disposition, and services company today announced that its wholly owned indirect subsidiary, Ritchie Bros. UK Holdings Ltd. ("RB Purchaser") is discontinuing the Phase 2 review by the UK Competition and Markets Authority (the "CMA").
The Sale and Purchase Agreement dated August 9, 2021 (the "Agreement") pursuant to which the RB Purchaser had agreed to purchase Euro Auctions Limited, William Keys & Sons Holdings Limited, Equipment & Plant Services Ltd and Equipment Sales Ltd. will automatically terminate on June 28, 2022.
The decision follows the referral of the proposed acquisition to a Phase 2 review by the CMA. Amongst other things, completion of the Agreement is conditional on receipt of clearance from the CMA on terms satisfactory to the RB Purchaser, but after extensive consideration the RB Purchaser does not believe there is any realistic prospect for approval by the CMA on such terms given the significant concerns raised by the CMA to date.
The Company intends to issue redemption notices with respect to the US$600 million aggregate principal amount of 4.750% senior notes due 2031 and the C$425 million aggregate principal amount of 4.950% senior notes due 2029 previously issued to finance a portion of the cash consideration for the proposed acquisition and expects to complete the redemptions within 10 business days.
Ann Fandozzi, the Company's Chief Executive Officer, said: "We are disappointed by the decision taken by the CMA to refer the proposed acquisition to a Phase 2 review and respectfully disagree with their views. While we believe the proposed acquisition would have accelerated our strategy, we remain committed to forging ahead in our transformational journey to become the trusted global marketplace for insights, services and transaction solutions. We will continue to seek out and execute on organic investments and key acquisitions to accelerate our pace in achieving our ultimate vision."

Ultime notizie di OnSite News

Earthmoving Machinery
30/06/2022
Tobroco-Giant extends electrical range
From now on the more powerful machines of the G2700 series b...

Earthmoving Machinery
28/06/2022
Rokbak highlights robust and reliable haulers at Hillhead
Highlighting its robust and reliable machines that deliver l...

Components
27/06/2022
Continental to offer NightViu premium lighting for the off-highway sector
Product range expansion to include premium work lights for c...

Earthmoving Machinery
27/06/2022
Sunward extends its range with the SWE 17F mini-excavator
Sunward extends its range with the SWE 17F, a 1.7 ton mini-e...

Earthmoving Machinery
21/06/2022
Overcoming the hurdles of digital construction sites
A number of barriers standing in the way of digital construc...

Earthmoving Machinery
14/06/2022
Loxam joins the SmartEquip Network
Company to utilize SmartEquip’s service support and procurem...
Altri International

International
01/07/2022
Flydeck by Pilosio: true innovation for suspended scaffolding applications
Flydeck systema offers significant reduction in set-up time...

International
01/07/2022
Wacker Neuson strengthens Americas business
Wacker Neuson strengthens Americas business through long-ter...

International
30/06/2022
Hydreco Hydraulics exhibits at Bauma show featuring new products
The company of the Duplomatic Group, specialized in the desi...

International
30/06/2022
Tobroco-Giant extends electrical range
From now on the more powerful machines of the G2700 series b...

International
29/06/2022
Simex and the importance of asphalt milling recycling
An considerable step forward for companies in the sector of...

International
29/06/2022
Jekko introduces AXIÀL, its new Hungarian dealer
Jekko welcomes its new Hungarian dealer Axiál, which has mos...