Sotheby’s has announced that it is to be acquired by billionaire telecom magnate and art collector Patrick Drahi in a surprise $3.7 billion deal
Sotheby’s has announced that it is to be acquired by billionaire telecom magnate and art collectorDrahi’s wholly-owned entity BidFair USA has paid $57.00 in cash per share of Sotheby’s common stock. The offer price represents a premium of 61% to Sotheby's closing price on June 14, 2019, and a 56.3% premium to the company’s 30-trading-day volume-weighted average share price.
Patrick Drahi said he was “honored” to work with Sotheby’s on the deal. He said, “Sotheby’s is one of the most elegant and aspirational brands in the world,” thanking the Sotheby’s board for its support. Henri Matisse’s “Vase d'anémones” Est: £4,000,000-6,000,000, will be offered at the Impressionist & Modern Art Evening Sale on June 19 at Sotheby's London.On the future of the world-famous auction house, he adds, “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.
Raymond Stochel, Senior Equity Research Analyst at Consumer Edge says that for Sotheby's, Mr Drahi is a good fit for the future. He said, “We see this as syncing with the 'trophy buyer' thesis ... the transaction is expected to be paid in cash - not subject to availability of financing - and he is an art collector.”Patrick Drahi is a French-Israeli businessman with French, Portuguese and Israeli citizenship.
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