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Sotheby's auction house changes hands

The auction house Sotheby's makes a living by selling valuable things. Now it goes for a billion amount to the owner. The buyer is one of the richest people in the world.

The New York auction house Sotheby's to be sold. The French-Israeli businessman Patrick Drahi wants to acquire the tradition-rich company for 3.7 billion dollars (about 3.3 billion Euro). The announced his company BidFair USA. Drahi, who controls the Telecom and media group Altice, belongs, according to the Forbes 200 richest people in the world.

"I am honored that the Board of Sotheby's has recommended my services," said Drahi, who described himself as a long-time customer of the auction house. He was going to pay to shareholders to $ 57 per share, - stated in the message. This corresponds to a premium of more than 60 per cent to the closing price from Friday.

In the case of Sotheby's, was sold at auction last year, a Banksy image, which schredderte after the auction itself.

share shoot 60 percent in the amount of

With Drahi, as the owner will be Sotheby's over the decades in excellent hands, said Sotheby's CEO Tad Smith. The auction house is to be for 31 years at the New York stock exchange. It was founded in 1744 and now has ten Stores worldwide including in New York, London, Hong Kong and Paris.

The purchase contract is to be completed in the fourth quarter, until then the shareholders must agree as well as the regulatory authorities. The shares of Sotheby's rose before the market opening on Monday to more than 59 percent.

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