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
A senior Emirati official on Monday called on Gulf countries to strengthen their collective security system after a series of attacks by Iran-aligned Houthis from Yemen on Saudi Arabia.
Several top energy executives were dropped from the schedule of the WPC Energy Congress in Riyadh, as Saudi authorities pressed ahead with the event despite deadly attacks on the capital claimed by Yemen's Iran-aligned Houthis.
The organisers of two major Saudi energy and investment conferences said their events will go ahead this month and reassured visitors on security, after missile attacks on Riyadh's airport left four people dead and an airliner heavily damaged this week.
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