At the same time, Ritchie Bros. announced its plans to IronPlanet, an online marketplace for used heavy equipment, for $758.5 million, subject to customary closing adjustments. Founded in 1999, IronPlanet complements Ritchie Bros.’ primarily end-user customer base, as it focuses largely on the needs of corporate accounts, equipment manufacturers, dealers and government entities in equipment disposition solutions.

“This transformative transaction is the logical next step for Ritchie Bros.,” said said Ravi Saligram, CEO of Ritchie Bros. “We will create a combined company of trusted brands with the ability to provide customers around the world with a greater number of choices and platforms to sell, buy and list equipment when, where and how they want — whether on-site or online.”

Cat and its dealers own a stake in IronPlanet.