Travers Smith advised Auction Technology Group plc on the deal.
The transaction included £244 million cashbox placing, new debt financing and the proposed $525 million acquisition of LiveAuctioneers, a leading curated online North American Arts & Antiques Marketplace, from US Private Equity fund Cove Hill Partners.
ATG is the operator of the world’s leading marketplaces for curated online auctions, connecting bidders to auctioneers across three large markets: industrial and commercial equipment, art and antiques, and consumer surplus and retail returns.
This acquisition will add a leading marketplace in North America to ATG’s growing portfolio, transforming the reach, capabilities and efficiencies of ATG’s platform and adding momentum to ATG’s growth trajectory. The acquisition constitutes a Class 1 transaction for ATG under the Listing Rules and completion is conditional upon, amongst other things, approval of the transaction by ATG’s shareholders.
Numis Securities Limited acted as Sponsor, Joint Global Co-ordinator, Joint Bookrunner, Joint Financial Adviser and Debt Adviser. J.P. Morgan Securities plc (trading as J.P. Morgan Cazenove) acted as Joint Global Co-ordinator, Joint Bookrunner and Joint Financial Adviser.
The Travers Smith’s team was led by Head of Corporate M&A and ECM Andrew Gillen (Picture), supported by Associates Fabian McNeilly and Henry Thorpe, and Trainee James Humphrey. The team also included specialist advice from Finance Partner Donald Lowe and Associate Michael Leadbeater, US securities Senior Counsel Brent Sanders and Associate Kristen Roth, Tax Senior Counsel Jonathan Woodall and Associate Hugh Brooks, and Incentives Senior Counsel Elissavet Grout.
Choate, Hall & Stewart LLP provided US law advice to ATG in relation to the acquisition.
Involved fees earner: Hugh Brooks – Travers Smith; Andrew Gillen – Travers Smith; Elissavet Grout – Travers Smith; Michael Leadbeater – Travers Smith; Donald Lowe – Travers Smith; Fabian McNeilly – Travers Smith; Kristen Roth – Travers Smith; Brent Sanders – Travers Smith; Henry Thorpe – Travers Smith; Jonathan Woodall – Travers Smith;
Law Firms: Travers Smith;
Clients: Auction Technology Group;