Business

Ritchie Bros to buy Euro Auctions for $1 bln

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The sign outside Richie Bros. Auctioneers is seen in Longmont, Colorado, U.S., February 21, 2017. REUTERS/Rick Wilking/File photo

Aug 8 (Reuters) - Asset management company Ritchie Bros (RBA.TO) said on Sunday it would acquire plant and machinery auction house Euro Auctions for an enterprise value of 775 million pounds ($1.07 billion) in cash.

The transaction, which was approved by Ritchie Bros' board of directors, is expected to close in late 2021 or early 2022.

($1 = 0.7213 pounds)

Reporting by Radhika Anilkumar in Bengaluru; Editing by Ramakrishnan M.

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