The acquisition is being routed though BidFair USA.
In a deal worth $3.7 billion, Patrick Drahi, has agreed to purchase art auction house Sotheby.
The billionaire tycoon behind telecoms and media group Altice has signed a definitive agreement to be acquired by BidFair USA, an acquisition vehicle set up by Drahi, that had offered $57 in cash per share.
This offer represents a premium of 61% to Sotheby’s closing price on Friday.
The deal marks Sotheby’s returning to private ownership after a period of 31 years.
“Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby’s, I want to welcome him to the family,” said Tad Smith, Sotheby’s chief executive in a statement.
He went on to add, “This acquisition will provide Sotheby’s with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment. It positions us very well for our future and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner”.
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