Wealth

Sotheby’s auction in Hong Kong.

Anthony Wallace | AFP | Getty Images

Sotheby’s auction house announced Monday that it has signed an agreement to be acquired by BidFair USA, a venture wholly owned by French media entrepreneur and art collector Patrick Drahi.

Sotheby’s stakeholders will receive $57 per share in cash as a result of the transition, a premium of 61% to the company’s stock price on Friday.

The transaction, if approved by shareholders, would result in Sotheby’s returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.

The stock rallied about 57% in early trading Monday following the news.

“Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby’s, I want to welcome him to the family,” Sotheby’s CEO Tad Smith said in a press release. “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.”

Sotheby’s was No. 2 in the world among art auction houses in the first half of 2018 with a turnover of more than $2 billion. CNBC’s David Faber first reported that Sotheby’s would be sold, citing people familiar with the matter.

This is a developing story. Check back for updates.

Products You May Like

Articles You May Like

The Social Security retirement age could go up. Here’s why that change won’t be easy
Brooklyn Nets CEO David Levy is stepping down after less than two months on the job
PayPal CFO: Military veterans have leadership, teamwork skills that ‘make us a much better company’
For military spouses, entrepreneurship may be the answer. Here are 5 tips to make it work
Rally just getting started and stocks could gain more than 20% from here, chart analysis shows

Leave a Reply

Your email address will not be published. Required fields are marked *