Abu Dhabi wealth fund ADQ and Sotheby's majority owner Patrick Drahi will invest $1 billion in the auction house in a deal that will see ADQ acquire a minority stake in the company, the fund and Sotheby's said.
French-Israeli billionaire Drahi, who founded telecoms group Altice, has been struggling with soaring debt costs because of a $60 billion debt pile that allowed him to build his media-to-telecoms empire in an era of low interest rates © Mena Today
Abu Dhabi wealth fund ADQ and Sotheby's majority owner Patrick Drahi will invest $1 billion in the auction house in a deal that will see ADQ acquire a minority stake in the company, the fund and Sotheby's said.
French-Israeli billionaire Drahi, who founded telecoms group Altice, has been struggling with soaring debt costs because of a $60 billion debt pile that allowed him to build his media-to-telecoms empire in an era of low interest rates.
Under the deal with ADQ, Drahi will keep majority ownership of Sotheby's, one of the world's largest brokers of fine and decorative arts and jewellery.
ADQ, Abu Dhabi's third biggest sovereign wealth fund, said Drahi will invest additional capital to bring the total investment by both parties to around $1 billion.
"Our investment underscores our firm belief in the enduring value of Sotheby’s brand, market leading platform and the ability of its management to execute on their growth agenda," said Hamad Al Hammadi, ADQ deputy group CEO.
ADQ was established in 2018 and holds a broad portfolio including energy and utilities, food and agriculture, healthcare and others.
"The additional capital and investment expertise will enable us to accelerate our strategic initiatives, expand our commitment to excellence in the art and luxury markets, and continue to innovate to better serve our clients around the world," said Charles F. Stewart, CEO of Sotheby’s.
Reporting by Nayera Abdallah and Shakeel Ahmed
Israel has cut its military purchases from France to zero. Not reduced. Not suspended. Zero. The funds will be redirected toward domestic Israeli procurement or purchases from "allied countries", a category from which France has now been explicitly excluded.
Abu Dhabi-based investment group 2PointZero has announced its participation in WHOOP's Series G funding round, joining a raise led by Collaborative Fund. The move signals a significant bet on the booming consumer health technology sector.
France and Italy have joined Spain in pushing back on U.S.-Israeli military operations, sources said on Tuesday, as U.S. President Donald Trump singled out NATO allies in Europe as unhelpful in the month-long war, highlighting divisions.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.