Latham & Watkins Advises on Financing to Support Ritchie Bros. Auctioneers’ Acquisition of IAA, Inc.
Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA), a global asset management and disposition company, and IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, have announced that they have entered into a definitive agreement under which Ritchie Bros. will acquire IAA in a stock and cash transaction valued at approximately US$7.3 billion, including the assumption of US$1.0 billion of net debt. The transaction has the unanimous support of both boards of directors. The transaction is expected to close in the first half of 2023 subject to approval by Ritchie Bros. stockholders of the issuance of Ritchie Bros. stock in connection with the transaction and approval of IAA stockholders of the transaction, receipt of regulatory approvals and other customary closing conditions.
Latham & Watkins LLP represents lead arrangers and lenders providing the financing supporting the acquisition with a banking team led by New York partner Alfred Xue, with associates Lillian Xiao and Christian DeSimone. Advice was provided on capital markets matters by New York partners Senet Bischoff and Erika Weinberg, with associates Hana Nah, Egzon Sulejmani, and Adam Weber.