Sotheby’s back in private hands as billionaire pays $3.7bn for auction house
Telecoms and media mogul returns the auction house to private ownership after 31 years as a public entity
17 June 2019 - 19:34
Paris — Patrick Drahi, the billionaire behind telecoms and media group Altice, agreed on Monday to buy historic art auction house Sotheby’s in a deal worth $3.7bn on an enterprise value basis.
Sotheby’s said it had signed a definitive agreement to be acquired by BidFair USA, an acquisition vehicle set up by Drahi, which had offered $57 in cash per share to buy out Sotheby’s...
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