Despite interest, desire, and compelling benefits to customers, Ritchie Bros. made the difficult decision to not move forward with the Euro Auctions acquisition. After nine months of review, the UK Competition and Markets authority has informed Ritchie Bros. must now proceed to Phase 2, with little chance of approval, based on expert third-party assessments.
“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,” said Ann Fandozzi, Ritchie Bros. Chief Executive Officer.