Published: June 22, 2021
NEW YORK CITY- Just months after the company went public on the London Stock Exchange, Auction Technology Group (ATG) has proposed a buyout of LiveAuctioneers, the leading auction platform in the United States market. Media outlets are reporting the sale cost is $500 million and an earn-out consideration of up to $25 million.
Auction Technology Group raised about $420 million from its IPO in March, filling its pockets with capital to expand operations across the Atlantic. When the IPO was announced, the company valued itself at more than $800 million.
ATG made its buck by creating thesaleroom.com, the leading auction marketplace in England. It serves much of the European market. In 2018, the group purchased Lot-tissimo.com, the German auction platform.
LiveAuctioneers chief executive officer Phil Michaelson will reportedly stay on and lead LiveAuctioneers forward after the acquisition, which is subject to regulatory approvals.
Michaelson said, “LiveAuctioneers is proud of the relationship it has developed as a trusted partner to auction houses and the value it has delivered to those businesses over the last 19 years. As part of ATG, LiveAuctioneers’ partners will extend their online marketing to reach ATG’s network of bidders from 150 countries around the world. This, plus deeper investment in the end-to-end buyer experience, will enable auctioneers to foster enhanced competition for, and realize the full value of, the arts and antiques items being auctioned and expand the appeal of live online auctions as the best path by which to buy and sell secondary goods. We are thrilled by what the future holds for treasure hunters and the broader auction community.”
The acquisition will merge markets between the two sites, allowing auctioneers to post sales across platforms and reach new buyers.
For additional information, www.liveauctioneers.com.
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