French-Israeli billionaire Patrick Drahi to acquire auction house Sotheby for $3.7 billion

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”.

Advertisements


Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

Tags: , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: