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Ritchie Bros. to Acquire IAA in $7.3 Billion Cross-Border Stock and Cash Transaction

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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Related Contacts
Ian A. Nussbaum  Partner New York
Jamie Leigh  Partner San Francisco
John-Paul Motley  Partner in Charge, Los Angeles – Downtown Los Angeles – Downtown, Los Angeles – Santa Monica
Bill Roegge  Associate New York
Megan Browdie  Partner Washington, DC
Patrick Flanagan  Partner New York
David Fletcher  Partner Washington, DC
Kristine Forderer  Partner San Francisco
Kathleen Goodhart  Partner San Francisco
TJ Graham  Partner Palo Alto
Christopher Kimball  Partner Washington, DC
Eileen Marshall  Partner Washington, DC, Palo Alto
John Paul Oleksiuk  Partner New York, Los Angeles – Santa Monica
Grant Schweikert  Associate Washington, DC
Ryan Vann  Partner Chicago
Sarah Lightdale  Partner New York
Julia R. Brinton  Associate Washington, DC
Umer Chaudhry  Associate Washington, DC
Maria Jose Cordero  Associate Palo Alto
Annie Froehlich  Special Counsel Washington, DC
Carly E. Gibbons  Associate Chicago
Christine Graham  Special Counsel London, Brussels
Savannah Harms  Associate New York
David Hopkins  Special Counsel Colorado
Moussa O. Ismail  Associate Reston
Kristopher Kleiner  Associate Colorado
Allison Kutner  Associate New York
Shannon MacMichael  Special Counsel Washington, DC
Barbara Mirza  Partner Los Angeles – Santa Monica, Los Angeles – Downtown
Howard Morse  Partner Washington, DC
Miriam Petrillo  Special Counsel Chicago
Maya Rahwanji   Associate New York
Kevin Rivers  Associate Palo Alto
Heather H. Sanborn  Associate Chicago
Loraine Torres  Senior Paralegal Colorado
Stella Sarma  Special Counsel Brussels, London
Katie Schmidt  Associate Los Angeles – Downtown, Los Angeles – Santa Monica
Timothy Shapiro  Associate Palo Alto
Logan Tiari  Special Counsel Los Angeles – Downtown, Los Angeles – Santa Monica
Genevieve Lim Urban  Associate Seattle
Casey Warsh  Associate Colorado
Michelle Zhou  Associate Palo Alto
Alexandra Leavy  Associate New York