Art auction house Sotheby’s sold in a $3.7 billion deal

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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 $3.7 billion 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.

The offer represented a premium of 61% to Sotheby’s closing price on Friday. It will also result in Sotheby’s returning to private ownership after 31 years as a public company whose shares were traded on the New York market.

Via Reuters

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