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

cde.news desk 18 June 2019, 06:45 · 1 min read

epa07654344 (FILE) - French-Israeli entrepreneur Patrick Drahi (R) speaks during the inauguration of the building 'La Fibre Entrepreneur - Drahi X-Novation Center', in Palaiseau, near Paris, France, 19 April 2016, reissued 17 June 2019. Media reports on 17 June 2019 state that Sotheby?s (NYSE: BID) announced that it has signed a definitive merger agreement to be acquired by BidFair USA, an entity wholly owned by media and telecom entrepreneur as well as art collector, Patrick Drahi. Under the terms of the agreement, which was approved by Sotheby?s Board of Directors, shareholders, including employee shareholders, will receive 57.00 US dollars in cash per share of Sotheby?s common stock in a transaction with an enterprise value of 3.7 billion US dollars. The transaction would result in Sotheby?s returning to private ownership after 31 years as a public company traded on the New York Stock Exchange. EPA-EFE/JEREMY LEMPIN

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

Topics Art Sotheby's