An initial CMA probe found the companies had a very high market share in the supply of auction services for construction machinery, with Euro Auctions being the clear market leader and Ritchie Bros the second largest provider in the UK.
The CMA also concluded other auction providers were much smaller and other methods of sale like marketplaces, listing websites and dealers did not meaningfully compete with the companies.
Ritchie said it did not believe there was any “realistic prospect for approval” by the CMA on acceptable terms given the significant concerns raised by the regulator.
A spokesman for Euro Auctions said: “We would like to thank all our customers and suppliers and in particular our employees for their continued loyalty and looks forward to a new and exciting future together as an independent company. The focus continues to be on the expansion and growth of the business.”
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