Ritchie Bros and Euro Auctions have entered into an agreement under which Ritchie Bros will acquire Euro Auctions group for an enterprise value of £775 million ($1.08 billion).

Founded in 1998, Euro Auctions conducts unreserved heavy equipment auctions with on-site and online bidding under the brands Euro Auctions and Yoder & Frey, with 200-plus employees in 14 countries. In 2020, the company conducted 60 auctions, selling close to 90,000 items for £484 million-plus across its nine locations in the UK, Northern Ireland, Germany, Spain, the UAE, Australia, and the US. Similar to Ritchie Bros, Euro Auctions also sells items through a timed auction format and a daily marketplace with Buy Now and Make Offer options.

Ritchie Bros. will be retaining Euro Auctions employees and its brand, both of which are highly regarded in the EMEA region, Euro Auctions says. This deal will expand Ritchie Bros’ overall footprint and access to equipment, while also tapping into new revenue streams with service offerings to Euro Auctions customers, including inventory management services, data solutions, financing, warranty, insurance, inspections, refurbishing, shipping and more.