Last checked at 
(Alliance News) - Auction Technology Group PLC on Thursday said it intends to acquire Platinum Parent Inc, the holding company of North American arts & antiques marketplace LiveAuctioneers for an enterprise value of USD525 million.
The London-based online auction operator said it will finance the acquisition through debt financing of around USD204 million and USD19 million through key LiveAuctioneers management rolling no less than 35% of their existing holding to Auction Technology shares.
The remaining consideration will be financed through proceeds generated from a placing of 20.0 million shares, where JP Morgan Securities PLC and Numis Securities Ltd will act as joint global coordinators and bookrunners.
The placing price will be determined at the close of the bookbuilding process.
The acquisition is conditional on approval from shareholders, and several antitrust authorities, including in the UK and US.
Auction Technology said the acquisition will add a leading marketplace to its growing portfolio, including 1,600 auctioneers, 120,000 bidders and more than USD2 billion of total hammer value.
The deal also reflects an entry by the company into the US A&A segment, as well as the auction industry's transition to online from offline.
"We are excited to announce the proposed acquisition of LiveAuctioneers. It enables ATG to enter the large and fast-growing North American art & antiques segment, further diversifying our business and bringing a complementary network of auctioneers and bidders to our Group. It will strengthen our ability to invest in improving the buying experience, thereby making online auctions more attractive to bidders around the world and thereby helping auctioneers realise higher asset values for their consignors," Chief Executive Officer John-Paul Savant.
Shares in Auction Technology closed 7.1% higher at 1,350.00 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
