Last year Euro Auctions held 60 auctions, selling close to 90,000 items for £484m across its nine locations in the United Kingdom, Northern Ireland, Germany, Spain, the United Arab Emirates, Australia, and the United States.

Similar to Ritchie Bros, Euro Auctions also sells items through a timed auction format and a daily marketplace with buy now and make offer options.

Ann Fandozzi, Ritchie Bros chief executive, said: “Ritchie Bros. and Euro Auctions are an ideal fit with a united goal to make asset insights, service offerings and disposition solutions easier than ever.”

“This acquisition significantly accelerates our strategy to drive revenue and earnings growth and add shareholder value by continuing to expand our capabilities in new channels, sectors, regions, and customer segments.”

Euro Auctions founder and director Derek Keys said: “Dave Ritchie and his brothers were a big inspiration for my brothers and I in the creation of Euro Auctions.

“We modeled much of what we do off Dave’s customer-centric philosophy, which still runs through Ritchie Bros today. Bringing us together will drive value for customers, as we provide more equipment, solutions, and services to the many industries and regions in which we operate.”

Ritchie Bros plans to retain Euro Auctions staff and its brand. The deal is expected to be finalised in late 2021 or early 2022, subject to regulatory clearances and the satisfaction of other customary closing conditions.