(Alliance News) - Auction Technology Group PLC's deal to buy antiques marketplace LiveAuctioneers may face regulatory scrutiny in the UK, a watchdog said on Monday.
The UK Competition & Markets Authority is considering whether the deal will lead to a "substantial lessening of competition" in the UK.
London-based online auction operator Auction Technology in June announced a deal to acquire Platinum Parent Inc, the holding company of LiveAuctioneers.
At the time, Auction Technology said it would fund 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 into Auction Technology shares. The remainder would be financed from the placing of 20.0 million new shares. Auction Technology raised GBP244.0 million in a placing in June.
Shares were 0.3% lower at 1,354.00 pence each in London on Monday morning. Auction Technology listed on the London Main Market in February at 600p.
By Eric Cunha; ericcunha@alliancenews.com
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Auction Technology Group (ATG)