Businessman and Collector Patrick Drahi Will Acquire Auction House in $3.7 Billion Deal -ARTnews


Sotheby’s location on Bond Street in London.

SHUTTERSTOCK

The French-Israeli media mogul and art collector Patrick Drahi has reached an agreement to acquire Sotheby’s through BidFair USA, a company he wholly owns, in a deal valued at $3.7 billion.

Sotheby’s, which dates its founding in London back to 1744, and Drahi announced the deal, which will pay holders of Sotheby’s stock $57 per share, this morning. Before the market opened, shares were priced at about $35.

Drahi said in a statement released to press, “With my family, we are very enthusiastic to build together with its current management and their teams the future of Sotheby’s, a fascinating and multi-secular company with such a celebrated history of uniting people all over the world through culture and arts.”

The purchase and merger with BidFair USA will entail the company becoming fully privately held, like its arch-rival Christie’s.

Drahi added that he anticipates no changes to the strategy of the company, and said, “I have full confidence in Sotheby’s management.”

This post will be updated.





Source link

%d bloggers like this: