03.05.2022

Ritchie/Euro Auctions deal off

The £775 million acquisition of Euro Auctions by Ritchie Bros has fallen through, following the referral of the proposed deal to a Phase 2 review by the Competition and Markets Authority (CMA).

The deal, which was agreed last August See: (Ritchie bros to acquire euro-auctions), was always contingent on clearance from the CMA on terms satisfactory to the acquirer. It now does not believe there is any realistic prospect for approval by the CMA on such terms given the concerns raised by the CMA to date.

The sale and purchase agreement in place will now automatically terminate on 28 June 2022.

Ritchie Bros chief executive Ann Fandozzi 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."