Auction Technology gets regulatory clearances for LiveAuctioneers deal

Online auction platform Auction Technology has now received all antitrust and regulatory clearances - including from the UK’s Competition and Markets Authority - for its acquisition of LiveAuctioneers.

The company announced in June that it had agreed to buy the US arts and antiques marketplace for $525m. It said on Wednesday that it now expects the deal to complete "shortly".

Chief executive officer John-Paul Savant said: "We are incredibly excited to welcome LiveAuctioneers to ATG. 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.

"This combination will enable more auction houses to thrive in an increasingly digital world, extending their reach to bidders globally, and bring bidders access to millions of items. We will have a combined and growing network of circa 3,800 auction houses, c. 800,000 bidders, and host c.70,000 auctions per year.

"Through further building our presence in the large and rapidly growing US 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."