Starboard making $500 million strategic investment in Ritchie Bros.

VANCOUVER – Ritchie Bros. Auctioneers Incorporated has entered a securities purchase agreement with Starboard Value LP to the tune of $500 million.

Starboard will make a concurrent $485 million convertible preferred equity and 15 million common share investment in Ritchie Bros, according to a news release.

Starboard’s Chief Executive Officer Jeffrey Smith will be appointed to the Ritchie Bros. board of directors one shareholder approvals for Ritchie Bros. acquisition of IAA, Inc. are complete.

Smith is a founder of Starboard Value with more than 20 years of experience in corporate leadership positions.