Sotheby’s auction in Hong Kong.
Anthony Wallace | AFP | Getty Images
Sotheby’s auction house announced Monday that it’s signed an agreement to be acquired by BidFair USA, a venture owned wholly by media and telecom entrepreneur 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.
“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.
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.
