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Sotheby’s inks $3.7 billion deal to go private

bizjournals Monday, 17 June 2019
Auction house Sotheby’s has agreed to be taken private by BidFair USA, a company owned by billionaire Patrick Drahi. BidFair is buying Sotheby’s (NYSE: BID) shares outstanding for $57 apiece, valuing the deal at $3.7 billion including debt. Drahi, 55, is the founder and controlling shareholder of telecom group Altice. His offer represents a 61 percent premium to Sotheby’s closing price Friday. This transaction caused New York-based Sotheby’s shares to spike 57 percent to $55.73 in Monday…
Credit: Cheddar Inc. - Published < > Embed
News video: BREAKING: Altice Founder to Take Sotheby's Private for $3.7 Billion

BREAKING: Altice Founder to Take Sotheby's Private for $3.7 Billion 00:40

Sotheby's, one of the world's oldest auction houses, is being acquired by Patrick Drahi, the founder and controlling shareholder of European telecom giant Altice, in a $3.7 billion deal, the company announced Monday.

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