Ritchie Bros. Auctioneers Inc. completes acquisition of IAA Inc.

Ritchie Bros. Auctioneers Inc. announced it has closed its acquisition of U.S. firm IAA Inc. after a contentious few months that saw shareholders divided over the deal.

Shareholders of the Vancouver-based auction company voted to approve the deal last Tuesday, as did shareholders in IAA, an automotive salvage company.

Several Ritchie Bros. shareholders had expressed concerns about the risks posed by the deal and had made it clear they planned to vote against it.

The company says IAA shareholders will get US$12.80 in cash and 52.52 per cent of a share in Ritchie Bros. for each share they own.