By Joe Hoppe
J.P. Morgan Securities PLC said Wednesday that TA Associates Management LP and ECI Partners intend to sell shares representing 10% of Auction Technology Group PLC through a placing to institutional investors.
The placing shares in the operator of digital-auction marketplaces will be sold by the stakeholders through sub-funds. Collectively, TA and ECI hold approximately 33.8% of Auction's issued share capital, corresponding to 40.5 million shares.
The price per share will be determined through an accelerated bookbuilding process, which has begun with immediate effect and may close at any time on short notice. J.P. Morgan Securities PLC and Numis Securities Ltd. are acting as joint bookrunners and joint global coordinators.
The final number of shares to be placed will be agreed by the joint global coordinators and the sellers at the close of the bookbuilding process, with the results announced soon after.
Auction Technology, who's shares ended Wednesday's session at 1,642.0 pence, won't receive any proceeds from the placing.
Write to Joe Hoppe at joseph.hoppe@wsj.com
Gloss