Sotheby's sold to Patrick Drahi for $3.7 billion, returns to private ownership

Sotheby's, the world-famous auction house, has been acquired by Patrick Drahi, a Franco-Israeli billionaire entrepreneur and art collector, for $3.7 billion. The deal, at $57 per share with a 61% premium over the June 14 closing price, will take Sotheby's private and delist it from the New York Stock Exchange. Drahi, founder and controlling shareholder of telecom giant Altice, was described by Sotheby's CEO Tad Smith as "one of the most respected entrepreneurs in the world." Domenico De Sole, chairman of the board, stated that after more than thirty years as a public company, it is the right time for Sotheby's to return to private ownership to continue its growth and success. The transaction is expected to close in the fourth quarter of 2019. Drahi, a long-time client of the auction house, expressed honor at the welcome and readiness to look to the future of what he called "one of the most elegant and ambitious brands in the world." The acquisition marks a significant shift in the art market landscape.