Sotheby’s Going Private

Sothebys

CBJ — Billionaire entrepreneur and art collector Patrick Drahi is taking auction house Sotheby’s private in a deal valued at $3.7 billion.

Drahi will pay $57 per share, which is a 61% premium to the company’s closing stock price of last week.

“This acquisition will provide Sotheby’s with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment,” Sotheby’s CEO Tad Smith said in a written statement.

Sotheby’s, founded in London in 1744, is the oldest company traded on the New York Stock Exchange, where it has been listed for 31 years.

The deal has been approved by Sotheby’s board and is expected to close in the fourth quarter. It’s subject to shareholder approval and regulatory clearance.

@CanBizJournal

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