Auction Technology Group (ATG), which operates marketplaces for individuals and commercial and industrial customers, completed the acquisition of art, antiques and collectibles marketplace LiveAuctioneers in a deal worth $500 million.
ATG announced the acquisition of Platinum Parent, Inc., the holding company of LiveAuctioneers, in a filing with the London Stock Exchange.
“The consideration payable by the company at completion is $500 million (subject to customary adjustment mechanisms) comprising cash and the issue of options over new shares. Earn out consideration of up to $25 million may become payable in due course, subject to the satisfaction of certain financial targets relating to revenue and adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] in the 12-month period ending 31 December 2021,” it said.
London-based ATG previously said the acquisition is aimed at expanding further into the U.S. and upgrading payment services for global customers.
Now, auctioneer clients will have the option to share listings on ATG’s marketplaces and LiveAuctioneers to expand outreach across the world.
“We will have a combined and growing network of c. 3,800 auction houses, c. 800,000 bidders, and host c. 70,000 auctions per year,” John-Paul Savant, CEO of ATG said in a statement. “Through further building our presence in the large and rapidly growing U.S. arts and antiques market, and adding technology capability and scale, we look forward to continuing to strengthen our partnership with auctioneers in the years ahead.”
Founded in 1971, ATG owns marketplaces for art, antiques and collectibles TheSaleRoom in Europe and LotTissimo in Germany, ProxiBid for agriculture machinery and classic cars auctioneering in North America, BidSpotter for industrial machinery and IBidder for returned and surplus consumer products in the U.K.
LiveAuctioneers will continue to operate with its headquarters in New York City. The marketplace received more than 56 million bidder sessions last year.
“As part of Auction Technology Group, LiveAuctioneers’ partners will extend their reach to ATG’s formidable network of bidders from 150 countries around the world,” said CEO Phil Michaelson.