Ritchie Bros to buy U.S. e-commerce site IronPlanet for $758 million

(Reuters) – Canadian industrial auctioneer Ritchie Bros Auctioneers Inc said it will buy IronPlanet, a privately held U.S. e-commerce site for used equipment, for about $758.5 million, as it looks to diversify its portfolio. Burnaby, Vancouver-based Ritchie, which focuses on the sale of heavy machinery, will fund the transaction with a combination of cash and new debt. IronPlanet, backed by Caterpillar Inc , allows users to place bids online or on-site, or buy at a fixed price.

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