Auction house Sotheby’s has announced they have signed an agreement to be purchased by Patrick Drahi, the French-Israeli media mogul for £2.95bn.
The London founded company has been trading on the London Stock Exchange for 31-years and will now become a private entity after 275-years.
Board chairman Domenico De Sole said, “After more than 30-years as a public company, the time is right for Sotheby’s to return to private ownership to continue on a path of growth and success.”
Drahi who is the founder of French telecommunications firm Altice said he was “honoured” that his offer was recommended.
He added, “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.”
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