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Actionable news in RBA: RITCHIE BROS. AUCTIONEERS INCORPORATED,

Ritchie Bros. (RBA) Stock Surges on $758 Million IronPlanet Deal

NEW YORK (TheStreet) -- Shares of (RBA) were spiking 17.87% to $34.07 on heavy trading volume mid-morning Tuesday as the Canadian industrial auctioneer agreed late yesterday to purchase IronPlanet for approximately $758 million.

IronPlanet is a Pleasanton, CA-based e-commerce site that sells used heavy construction equipment. The site is backed by construction and mining equipment manufacturer Caterpillar (CAT).

As part of the deal, Ritchie Bros will become Caterpillar's "preferred global partner" for live and on site auctions of used Caterpillar equipment.

The partnership will begin once the IronPlanet deal...


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