Going once, going twice: LiveAuctioneers sold to London’s ATG for $500m
London-based Auction Technology Group (ATG) has snapped up the holding company of online auction business LiveAuctioneers for a dear $500m.
The acquisition, for Platinum Parent, involves both cash and the issue of new shares after the Competition and Markets Authority (CMA) gave the deal the green light on Wednesday,
The deal also features an earnout of up to $25m, depending on if Platinum meets certain financial targets in the year to 31 December.
It follows ATG’s initial public offering (IPO) with a market cap of around $813m in February – which has since surged 183 per cent to £1.7bn.
The buyout will open up the US auction market to the British company, opening the gates to American bidders.
“This is a significant milestone that will enhance our ability to support the transformation of the auction industry in its structural shift to online, and brings exciting new opportunities to further enable auctions to play their part in accelerating the growth of the circular economy,” ATG CEO John-Paul Savant said.