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August 17, 2021
Vancouver, B.C.-based heavy-equipment auctioneer Ritchie Bros. announced earlier this month that it will acquire Euro Auctions for about $1.08 billion in cash. Founded in 1998, Euro Auctions conducts unreserved heavy-equipment auctions with on-site and online bidding under the brands Euro Auctions and Yoder & Frey. It has over 200 employees in 14 countries. Ritchie says Euro Auctions has considerable presence across Europe and the Middle East, particularly in the U.K. and Germany, and will serve as a platform to accelerate international growth. Ritchie will finance the acquisition through existing cash and new debt. The deal is expected to close later this year or in early 2022.