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Auction Technology Group Completes IPO on London Stock Exchange

Paul, Weiss represented Auction Technology Group plc (ATG) in its $420 million initial public offering on the London Stock Exchange. The offering included a primary offering and a secondary offering by TA Associates, ECI Partners and various management selling shareholders. The shares were admitted to the premium listing segment of the official list of the UK Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange on February 26. The over-allotment option was exercised in full and settled on March 2. Net proceeds from the primary offering were used to refinance the group’s existing debt.

ATG operates world-leading marketplaces in the United Kingdom, the United States and the DACH region, and a proprietary auction platform for curated online auctions, connecting bidders and auctioneers globally across three industry verticals (arts and antiques, industrial and commercial, and consumer surplus and returns). As a key partner for auctioneers, ATG creates value by providing them with access to online marketplace capabilities, a global bidder base and a range of value-added tools and services that enable them to maximize value on lots sold. Prior to the IPO, ATG was indirectly owned and controlled by sub-funds of TA Associates and funds advised by ECI Partners LLP.

The Paul, Weiss team included London-based corporate partner Mark Bergman; and New York-based tax partner David Mayo.

March 2, 2021

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