Sotheby’s sold to European company Altice
The well-known New York auction house was acquired by the European telecommunications company Altice for the sum of 3,300 million euros
The European telecommunications company Altice is the new owner of the Sotheby’s auction house. The acquisition was made through the company BidFair USA for the sum of 3,300 million euros (approximately USD 3,700 million) and the negotiation will be completed during the third quarter of this year.
Sotheby’s, based in New York, will pass to the hands of the French entrepreneur Patrick Drahi, the founder of the European telecommunications company Altice and, in addition, a well-known collector.
Once the sale is completed, the company will stop trading on Wall Street, after thirty years in the New York Stock Exchange. A peculiar fact is that the titles of the auction house appreciated 60% after the announcement of the acquisition by Altice.
The auction house, which has offices in 40 countries – including the United Kingdom, Hong Kong, India, France and China – recorded sales of USD 6,350 million last year for a net profit of close to 130 million. In the management has been for four years Tad Smith committed to innovation and ingenuity.
With Patrick Drahi at the head of Sotheby’s, the company “will also have more flexibility when it comes to executing initiatives that allow it to accelerate its growth”. Drahi has indicated that he will maintain the management team, “at least while the transaction procedures are closed.”
Source: El País
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