Ritchie Bros. (NYSE:RBA) will acquire IronPlanet for US$758.5 million cash. The Burnaby-based industrial auctioneer, which began in Kelowna in 1955, has 110 locations worldwide and a market cap of $3.14 billion. Ritchie Bros. closed the day up 1.51% to $28.89. Ritchie Bros. intends to finance the transaction through a combination of cash on hand and new debt. Gregory J. Owens, Chairman and Chief Executive Officer of IronPlanet, will join Ritchie Bros.'s executive team once the t
Wall Street likes health care despite its vulnerability to political headwinds and underperformance this year. The sector is down more than 2 percent this week after a new assault on drug pricing by Hillary Clinton and others, who criticized Mylan for dramatic price increases for its EpiPen allergy treatment. The company's stock was slammed and biotech and drug stocks slumped. Mylan closed 0.7 percent lower Thursday, down nearly 12 percent for the week, while the iShares Nasda
Iran will help other oil producers stabilize the world market so long as fellow OPEC members recognize its right to regain lost market share, the country' oil minister said on Friday in remarks made ahead of next month's meeting of the oil exporters group. Iran, OPEC's third-largest producer, boosted output after Western sanctions were lifted in January, and had to refused to join OPEC and some non-members in an accord earlier this year to freeze production levels. "Iran will cooperate wi
China, the world’s biggest gold consumer, cut bullion imports from Hong Kong in July as the highest global prices in more than two years deterred buyers. Net purchases were 62.1 metric tons from 68.7 tons in June and 40.7 tons in the same month last year, according to data from the Hong Kong Census and Statistics Department compiled by Bloomberg. The mainland bought 101.8 tons compared with 83.4 tons in June, while exports were 39.6 tons from 14.7 tons. Mainland China doesn’t publish the data.
DroneDeploy, a San Francisco-based startup focused on helping businesses use drones, raised $20 million in Series B funding, according to TechCrunch. The company says that this new round of funding will be used for hiring, product development, and sales and marketing. The company said its technology is used in 130 countries in “every imaginable industry” and for numerous use cases, including to survey land and monitor crops, enable insurance companies to inspect roofs, help investigators
As Chinese companies go on a record $157 billion overseas buying binge, they’re collecting their corporate trophies at the cheapest levels in four years. The median price they’re paying this year amounts to 14 times the Ebitda -- or earnings before interest, taxes, depreciation and amortization -- of the target companies, down from a multiple of 16 in 2015, according to data compiled by Bloomberg. That’s a 30 percent discount to domestic mergers and acquisitions. Under Premier Li Keqiang
Ritchie Bros. (NYSE:RBA) will acquire IronPlanet for US$758.5 million cash. The Burnaby-based industrial auctioneer, which began in Kelowna in 1955, has 110 locations wor... Full Story
is pleased to announce that co-founding director and shareholder Brien Lundin has accepted the position as Chairman of the Board. CEO Bryce Bradley comments, "Brien has been... Full Story
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