Under the hammer: Auctioneer Sotheby's sold
Patrick Drahi, the billionaire behind telecoms and media group Altice, has agreed to buy historic art auction house Sotheby's in a deal worth $3.7bn (€3.29bn).
Sotheby's confirmed it had signed a definitive agreement to be acquired by BidFair USA, an acquisition vehicle set up by Drahi, which had offered $57 in cash per share to buy out Sotheby's.
Please log in or register with Independent.ie for free access to this article.
Sotheby will return to private ownership after 31 years as a public company.
Avid art collector Drahi's rival French billionaire Francois Pinault owns a majority stake in Sotheby's rival Christie's. Shares in the auction house jumped 55pc on Monday in reaction to the news.