Sotheby’s sold! French-Israeli billionaire pays $3.7B
BidFair USA, owned by French billionaire Patrick Drahi, bought Sotheby’s auction house, according to a press release .
BidFair USA will pay $57 per share, which is 61% more than the price at the close on June 14 on the New York Stock Exchange. The company is valued at $3.7 billion.
Closing the deal, the auction house plans to conduct a delisting. After 31 years as a public company, Sotheby’s will become private, according to a press release.
Drai ranks 190th in the global ranking of forbes billionaires. His fortune is estimated at $7.7 billion. He owns 60% of altice, a multinational company he founded, specializing in media and telecommunications. Through it, in particular, he owns 75% of Numericable, the largest French cable operator.
Sotheby’s was founded in 1744 after a deal with Sotheby’s and both major auction houses will be owned by French billionaires. Two decades ago, Christie’s was bought for $1.2 billion by Artemis, the pinot family’s holding company.