The billionaire investor behind the media and telecoms group, Altice, Patrick Drahi, has just acquired art auction house, Sotheby’s.
The deal is estimated at $3.7 billion.
The acquisition will take Sotheby’s private after over 31 years of being a public company.
Drahi will as a result of the acquisition join some of the world’s billionaires who are owners of auction houses. French billionaire Francois Pinault, the LVMH owner owns a majority stake in Cristie’s via his Artemis holding company.
According to data compiled by Reuters, the offer represented a premium of 61% to Sotheby’s closing price on Friday, and gives Sotheby’s a market capitalization of $2.6 billion.
“I am making this investment for my family, through my personal holding, with a very long-term perspective,” Reuters quoted Drahi.
Founded in 1744, Sotheby’s is the oldest company listed on the New York Stock Exchange.