Ritchie Bros, a leading global asset management, disposition, and services company, said it has entered into an agreement with Europe’s leading plant and machinery auction house, Euro Auctions, to acquire the group for an enterprise value of £775 million ($1.08 billion).

As per the deal, Ritchie Bros will be retaining Euro Auctions employees and its brand, both of which are highly regarded in the EMEA (Europe, Middle East and Africa) region, said Ritchie Bros.

Founded in 1998, Euro Auctions has been conducting unreserved heavy equipment auctions with onsite and online bidding under the brands Euro Auctions and Yoder & Frey, with more than 200 employees in 14 countries.

Last year, the company had conducted 60 auctions, selling close to 90,000 items for more than £484 million across its nine locations in the UK, Northern Ireland, Germany, Spain, the UAE, Australia and the US, said the company.

Similar to Ritchie Bros., Euro Auctions also sells items through a timed auction format and a daily marketplace with Buy Now and Make Offer options, it stated.

Established in 1958, Ritchie Bros offers customers end-to-end solutions for buying and selling used heavy equipment, trucks, and other assets.

This acquisition move will help expand Ritchie Bros’ overall footprint and access to equipment, while also tapping into new revenue streams with service offerings to Euro Auctions customers, including inventory management services, data solutions, financing, warranty, insurance, inspections, refurbishing, shipping, and more, it added.