Sotheby’s sold to billionaire art collector Patrick Drahi for $3.7 billion
Art Business

Sotheby’s sold to billionaire art collector Patrick Drahi for $3.7 billion

Telecom billionaire and art collector Patrick Drahi has emerged as the winning bidder for Sotheby’s, the 275-year-old auction house. CREDIT: Chris J Ratcliffe/Getty Images for Sotheby’s Telecom billionaire and art collector Patrick Drahi has emerged as the winning bidder for Sotheby’s, the 275-year-old auction house. Sotheby’s announced an agreement on Monday to be taken private by Drahi in a deal valued at $3.7 billion including debt. The takeover will result in Sotheby’s, the world’s oldest and largest international auction house , ending its three decades as a public company, trading on the New York Stock Exchange. The deal values Sotheby’s at $57 per share, representing a 61% premium to the company’s closing price on Friday. Sotheby’s stock spiked 58% on Monday. After the deal closes, Sotheby’s will be owned by Drahi’s BidFair USA. Drahi, a billionaire entrepreneur and art collector, has built a fortune that Forbes estimates at more than $9 billion. “Sotheby’s is one of the most elegant and aspirational brands in the world,” Drahi said in a statement, adding that he is a longtime client and admirer of the company. Sotheby’s was founded in London in 1744 and today it has 80 offices around the world, with […]

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