By Sabela Ojea
Auction Technology Group PLC announced on Friday that it had raised approximately £ 244 million ($ 339.8 million) in gross proceeds through a discounted stock placement to partially fund its proposed acquisition of LiveAuctioneers Worldwide Inc.
The digital auction marketplace operator announced it had issued 20 million new common shares at 1,220p per share, a 6.6% discount from the company’s closing price on Thursday.
The operator of digital auction marketplaces said Thursday that the acquisition would increase the capabilities and efficiency of its platform and improve the company’s presence in the North American art and antiques market.
Auction Technology announced Thursday that it would pay $ 500 million for the acquisition and earn-out consideration of up to $ 25 million.
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