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Sotheby's sold to billionaire art collector Patrick Drahi for $3.7 billion
Telecom billionaire and art collector Patrick Drahi has emerged as the winning bidder for Sotheby's, the 275-year-old auction house. Sotheby's (BID) announced an agreement on Monday to be taken private by Drahi in a deal valued at $3.7 billion including debt. The takeover will result in Sotheby's, the world's oldest and largest international auction house, ending its three decades as a public company, trading on the New York Stock Exchange. The deal values Sotheby's at $57 per share, representing a 61% premium to the company's closing price on Friday. Sotheby's stock spiked 57% on Monday morning. After the deal ... (full story)