AGL 40.09 Increased By ▲ 0.09 (0.23%)
AIRLINK 130.70 Increased By ▲ 1.17 (0.9%)
BOP 6.92 Increased By ▲ 0.24 (3.59%)
CNERGY 4.62 Decreased By ▼ -0.01 (-0.22%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 42.90 Increased By ▲ 1.21 (2.9%)
DGKC 84.25 Increased By ▲ 0.48 (0.57%)
FCCL 32.75 Decreased By ▼ -0.02 (-0.06%)
FFBL 78.60 Increased By ▲ 3.13 (4.15%)
FFL 12.16 Increased By ▲ 0.69 (6.02%)
HUBC 110.29 Decreased By ▼ -0.26 (-0.24%)
HUMNL 14.42 Decreased By ▼ -0.14 (-0.96%)
KEL 5.62 Increased By ▲ 0.23 (4.27%)
KOSM 8.41 Increased By ▲ 0.01 (0.12%)
MLCF 39.50 Decreased By ▼ -0.29 (-0.73%)
NBP 63.71 Increased By ▲ 3.42 (5.67%)
OGDC 200.60 Increased By ▲ 0.94 (0.47%)
PAEL 26.50 Decreased By ▼ -0.15 (-0.56%)
PIBTL 7.77 Increased By ▲ 0.11 (1.44%)
PPL 160.89 Increased By ▲ 2.97 (1.88%)
PRL 26.60 Decreased By ▼ -0.13 (-0.49%)
PTC 18.58 Increased By ▲ 0.12 (0.65%)
SEARL 82.97 Increased By ▲ 0.53 (0.64%)
TELE 8.20 Decreased By ▼ -0.11 (-1.32%)
TOMCL 34.37 Decreased By ▼ -0.14 (-0.41%)
TPLP 9.01 Decreased By ▼ -0.05 (-0.55%)
TREET 16.99 Decreased By ▼ -0.48 (-2.75%)
TRG 60.20 Decreased By ▼ -1.12 (-1.83%)
UNITY 27.61 Increased By ▲ 0.18 (0.66%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,722 Increased By 314.8 (3.03%)
BR30 32,041 Increased By 327.6 (1.03%)
KSE100 99,339 Increased By 2010.9 (2.07%)
KSE30 30,990 Increased By 798 (2.64%)

French 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. Drahi, the billionaire founder of the Altice empire which owns SFR telecoms company 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 returns the company to private ownership after 31 years as a publicly traded company on the New York Stock Exchange. Sotheby's shares soared 57 percent to over $55 in opening trading in New York on news of the offer, which represents a 61 percent increase over Sotheby's closing price on Friday. "Known for his commitment to innovation and ingenuity, Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world," Tad Smith, Sotheby's CEO, said in the statement.
"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," he added. Drahi, who is worth $9.1 billion according to US business magazine Forbes, said that he was "honoured" that Sotheby's board had recommended to shareholders that they accept his offer.
"Sotheby's is one of the most elegant and aspirational brands in the world. As a longtime client and lifetime admirer of the company, I am acquiring Sotheby's together with my family," he said. The deal is subject to regulatory and shareholder approval. It is expected to be finalised in the fourth quarter of 2019. His foray into the art market sees him follow in the footsteps of fellow French billionaire, Kering chairman Francois Pinault, who acquired a majority stake in Sotheby's rival Christie's in 1998.
The self-made Drahi was born in Morocco and moved to France at 15. He is a French citizen, but also holds Israeli and Portuguese citizenship. He took advantage of historic low interest rates to embark on a major acquisition spree in 2014 and 2015.

Copyright Agence France-Presse, 2019

Comments

Comments are closed.