Starboard Value completed a $500m investment in Ritchie Bros. Auctioneers.

Starboard Value, an investment advisory company, completed a $500m investment in Ritchie Bros. Auctioneers, an industrial auctioneer and seller of used heavy industrial equipment. "We welcome Starboard's strategic investment in Ritchie Bros., which we believe will provide us with additional financial flexibility. Starboard shares our belief in the potential of the combination of Ritchie Bros. and IAA. We look forward to benefitting from Jeff's expertise and working together as we complete this transaction, which we believe will deliver significant value to all our shareholders," Ann Fandozzi, Ritchie Bros CEO.