French-Israeli businessman Patrick Derhey buys Sotheby's, the largest auction house in the art world, for $ 3.7 billion.
Sotheby's announced that BidFair USA, owned by communications and telecom entrepreneur Patrick Drahi, will pay $ 57 per share in cash, and Sotheby's will become a private company.
This is a 61% upside on the share's closing price last Friday on Wall Street - $ 35.39 per share, reflecting a market value of $ 26 billion before the deal.
Drehi holds control of HOT through its Altis company.
Tad Smith, CEO of Sotheby's, said: "Patrick Drehy is one of the most recognized entrepreneurs in the world, and on behalf of everyone at Sotheby's, I would like to welcome his family. Patrick founded and leads a large part of telecommunications, media and digital companies worldwide. It has long-term vision and shares our brand vision. This acquisition will provide Sotheby's with the opportunity to accelerate various initiatives for growth in a more flexible and private environment. I strongly believe that the company will be in excellent hands for decades with Patrick as our owner. "
Patrick Drehy said: "I am proud that Sotheby's Board of Directors has decided to adopt my proposal.Southby's is one of the most elegant and ambitious brands in the world, and as a long-time user and admirer of the company I acquire Sotheby's with my family and we thank Board members for Their support. "
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