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MoneySotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal

08:00  19 june  2019
08:00  19 june  2019 Source:   dailymail.co.uk

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Patrick Drahi , a French-Israeli telecoms billionaire, takes 275-year-old company private.

French billionaire Patrick Drahi has sealed a deal to buy Sotheby ’ s — one of world's largest brokers of fine and decorative art, jewellery, real estate, and collectibles — for .7bn ( £ 2 . 9 bn ). The deal will mean Sotheby ’ s (BID) will return to private ownership after being on New York stock market for over

Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal© AP Photo/Richard Drew Sotheby's auction house

Sotheby's is being bought by telecoms tycoon Patrick Drahi in a £2.9billion ($AU5.3billion) deal.

The takeover will see the 275-year-old auction house removed from the New York Stock Exchange and taken into private hands for the first time since 1988.

Franco-Israeli entrepreneur Drahi founded communications firm Altice in 2001, building it up into a £4.7billion ($AU8.6billion) business.

Sotheby's – which has its roots in Georgian London – has been enjoying a string of record-breaking auctions since 2016, following a slump after the financial crisis when the mega-rich cut back on spending.

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Patrick Drahi , the media mogul behind Altice Europe and Altice USA, has reached a deal to buy Sotheby ’ s auction house in a transaction valued at .7 billion. Drahi plans to take Sotheby ’ s private after the transaction is complete. The deal values the storied company at a share, a premium of

Sotheby ’ s announced today that its shareholders approved the proposed acquisition of the firm by BidFair USA, a company wholly owned by the French-Israeli media and telecom entrepreneur and art collector Patrick Drahi . In a special meeting held this morning, 91% of the shares were for the merger.

Its main rival Christie's is also owned by the French, having been bought by the Pinault family for around £1billion ($AU1.8billion) in 1998.

Sotheby's early successes included the sale of Napoleon's books and walking stick after his death in exile on the island of St Helena.

More recent blockbuster lots have included a rare 1962 Ferrari 250 GTO, which went for £38.5million ($AU70.5million) last year.

Meanwhile, a Monet painting, Meules, was sold for a record-breaking £88.1million ($AU161.4million) earlier this year.

However, the auction house has long been targeted by activist investors who believe it is should be more profitable.

Hedge fund boss Dan Loeb, whose firm Third Point is the company's second-largest investor, accused management of failing in their responsibilities in a blistering attack three years ago.

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Franco-Israeli cable magnate Patrick Drahi made a surprise move into the art world by snapping up Sotheby ' s in a deal worth .7 billion, marking the art auction house 's return to private ownership Famous items sold by Sotheby ' s include the collections of the late Duchess of Windsor, the personal

Art auction house Sotheby ’ s will be taken private by billionaire Patrick In fact, Maroccia, who has been following the company, claims Drahi may have seen the deal as an opportunity to A bankruptcy judge approved the sale of the company's assets for .2 billion to Lampert in a bankruptcy auction .

The Sotheby's board welcomed Drahi's offer.

He has faced difficulties of his own, being forced last January to announce a spin-off of Altice's US operations due to concerns over its vast £45billion ($AU82.4billion) debt pile.

Pictures: 20 facts about the world's favourite auction site

Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
Sotheby's auction house sold to telecoms tycoon Patrick Drahi in a £2.9bn deal
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