The waiting period for the proposed acquisition of IAA by Ritchie Bros. under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, while the entities received a no-action letter from the Canadian Commissioner of Competition.

The parties have received all necessary regulatory clearance required pursuant to the previously announced agreement and plan of merger and reorganization between the parties dated as of Nov. 7. The transaction is expected to close in the first half of 2023 and is subject to approval by Ritchie Bros. shareholders of the issuance of Ritchie Bros. common shares in connection with the acquisition, adoption of the merger agreement by IAA stockholders and other customary closing conditions.