Patrick Drahi, the billionaire behind telecoms and media group Altice, agreed on...
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 $3.7 billion on an enterprise value basis.
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. “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,” he added.
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