French Billionaire Drahi Acquires Sotheby's Auction House for $3.7 Billion

Monday, June 17, 2019
French Billionaire Drahi Acquires Sotheby's Auction House for $3.7 Billion

French-Israeli telecoms and media mogul Patrick Drahi is acquiring Sotheby's auction house, one of the world's biggest art brokers, in a $3.7 billion deal, the British-founded company announced Monday.

Image: French Billionaire Drahi, photo courtesy to Bloomberg

 

French-Israeli telecoms and media mogul Patrick Drahi is acquiring Sotheby's auction house, one of the world's biggest art brokers, in a $3.7 billion deal, the British-founded company announced Monday.

 

French Billionaire Drahi, photo courtesy to Bloomberg

Drahi, the billionaire head of the Altice empire which owns Virgin Mobile and several French media houses including BFM news channel and Liberation newspaper, is paying $57 per share to acquire Sotheby's through his company BidFair USA, the art house said.

The deal sees Sotheby's return to private ownership after 31 years as a publicly traded company on the New York Stock Exchange.

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