Watchdog probes auctions group $1bn acquisition
The Competition and Markets Authority (CMA) says it is inviting comments on the expected acquisition of Euro Auctions Group by Ritchie Bros Auctioneers Inc., to see whether it could “substantially reduce competition.”
The regulator said it is considering whether the deal could substantially lessen competition in the UK for goods and services. Interested parties have until January 4 to submit any comments.
Ritchie is a machinery auction house, with its UK base in Maltby. It acquired Euro Auctions – which conducts unreserved heavy equipment auctions with onsite and online bidding – on 8 August for around $1.08bn.
But clearance for the deal is still required from the CMA.
Ritchie, which has been holding auctions since 1958, began staging auctions at the Maltby site in February 2019, after relocating its UK operations from Donington Park.
The Euro Auctions’ UK base is in Kellington, North Yorkshire.
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