Noerr advises Auctionata on merger with Paddle8 to become global market leader for online luxury and art auctions
Noerr has been advising the German online auction house Auctionata on its merger with US competitor Paddle8. The merger creates the global market leader in the online auction market for fine art, collectibles and vintage luxury items and one of the world’s ten largest auction houses outside China.
The two online platforms’ combined turnover exceeds €132 million, with more than 800,000 registered users. Focusing on vintage luxury items, Auctionata is the leading German auction platform with a strong presence in Europe, while Paddle8 is firmly established in the USA as a marketplace for fine art and collectibles. The two brands will subsist after the merger and will jointly expand the worldwide mid-market segment for items worth up to €500,000.
In their strategic and operative roles, the co-founders of the two auction houses will continue to drive forward the company’s growth. The existing investors will also stay on board, including Auctionata’s investors Earlybird, Kite Ventures, Hearst Ventures and MCI Management.
In this German/US transaction, Auctionata relied on the advice from Noerr and a team led by Dr. Sascha Leske, head of the firm’s New York office. Over the past few months, Leske also advised Africa’s largest internet platform, Africa Internet Group, in a financing round for €300 million and also the shareholders of the leading South East Asian shopping website Lazada on the majority acquisition by China’s internet giant Alibaba.
Advisors to Auctionata AG: Noerr LLP
Dr. Sascha Leske (lead, Corporate, New York), Dr. Ingo Theusinger, Dr. Maurice Séché (both Corporate, Düsseldorf), Peter Stauber (Antitrust, Berlin)
Dr. Philipp Heer, Johanna Nielsen, Dr. So-Ang Park, Steve Zehden (all Corporate New York), Philipp Takias (Restructuring, Berlin)