(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.

Source: https://www.reuters.com/business/ritchie-bros-buy-euro-auctions-1-bln-2021-08-09