Ritchie Bros adds online heavy equipment listing service, buys Mascus Int'l

Republished February 19, 2016 - 5:55 AM

Original Publication Date February 19, 2016 - 4:10 AM

VANCOUVER - Ritchie Bros. Auctioneers Inc. (TSX:RBA) has acquired a global online service for listing heavy machinery and trucks.

It paid the equivalent of US$26.6 million cash for 100 per cent of Amsterdam-based Mascus International Holding BV, which will continue to operate under its current brand and management.

Ritchie Bros. says its strategy is to be the world's leading company for equipment disposition and asset management.

The Vancouver-based company has agreed to pay up to an additional US$3.8 million if Mascus meets performance targets over the next three years.

Note to readers: This is a corrected story. A previous version misspelled Mascus.

News from © The Canadian Press, 2016

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