Canada's Ritchie Bros to buy IAA in $7.3 billion deal

(Reuters) -Canadian equipment marketplace Ritchie Bros Auctioneers Inc said on Monday it would buy IAA Inc in a cash-and-stock deal valued at about $7.3 billion including debt.

The purchase price of $46.88 per share represents a premium of about 19% to the closing share price of IAA common stock on Nov. 4.

Under the terms of the deal, IAA stockholders will get $10 in cash and 0.5804 shares of Ritchie Bros common stock for each IAA share held, the companies said.

Ritchie Bros stockholders will own about 59% of the combined company once the deal closes.

(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Devika Syamnath)