Los Angeles – November 7, 2022 – Cooley advised Insurance Auto Auctions (IAA), a global digital marketplace connecting vehicle buyers and sellers, on its definitive merger agreement, under which Ritchie Bros. will acquire IAA in a cross-border stock and cash transaction valued at approximately $7.3 billion. Lawyers JP Motley, Jamie Leigh, Ian Nussbaum and Bill Roegge led the Cooley team advising IAA.
Combining IAA’s platform with Ritchie Bros.’ proven operating model and management team will accelerate its growth and strategic vision – and significantly enhance the customer experience.
“Together, IAA and Ritchie Bros. will have expanded global operations, accelerating international buyer development and enhancing ancillary services such as transportation and finance,” said John Kett, CEO and president at IAA. “The transaction will also provide compelling value to stockholders through the immediate cash component and the opportunity to participate in the substantial growth potential of our combined company with significant resources. I believe that very appealing new opportunities are ahead for IAA employees and new capabilities for customers as we enter this exciting new chapter with Ritchie Bros.”
Headquartered near Chicago, IAA has nearly 4,500 employees and 210+ facilities throughout the US, Canada and the UK. IAA serves a global buyer base – located in more than 170 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations.
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