{"id":94716,"date":"2024-08-12T00:00:00","date_gmt":"2024-08-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adq-to-acquire-minority-stake-in-sothebys-in-a-usd-1-bn-transaction\/"},"modified":"2024-08-12T00:00:00","modified_gmt":"2024-08-12T00:00:00","slug":"adq-to-acquire-minority-stake-in-sothebys-in-a-usd-1-bn-transaction","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adq-to-acquire-minority-stake-in-sothebys-in-a-usd-1-bn-transaction\/","title":{"rendered":"ADQ to acquire minority stake in Sotheby's in a USD 1 bn transaction"},"content":{"rendered":"

Abu Dhabi\u2019s sovereign wealth fund ADQ will acquire a minority stake in the <\/strong>UK\u2019s <\/strong>Sotheby\u2019s<\/strong> in a USD 1 bn investment alongside b\u2019naire Patrick Drahi, who also committed capital to retain his majority stake, an ADQ <\/span>press release<\/a> reads. The transaction \u2014 expected to close by year end \u2014 is meant to trim Sotheby\u2019s debts and drive its global growth, particularly in the Middle East, according to the statement.<\/span><\/p>\n

The details:<\/strong> ADQ will acquire newly issued Sotheby\u2019s shares, with telecom bn\u2019aire Drahi \u2014 who bought Sotheby\u2019s for USD 3.7 bn in 2019 \u2014 committing capital to retain his majority stake. A Sotheby\u2019s spokesperson confirmed that ADQ will provide the majority of the investment, <\/span>Bloomberg<\/a> reports.<\/span><\/p>\n

ADQ\u2019s venture in fine arts:<\/strong> The state investor\u2019s stake could open the door for a Sotheby\u2019s branch in Abu Dhabi, complementing the emirate\u2019s efforts to enhance its art and culture scene, according to an ADQ spokesperson, the Financial Times<\/a> writes.<\/p>\n

A change of heart:<\/strong> The partnership with ADQ marks a shift for Drahi, who previously resisted bringing in outside investors. Drahi\u2019s decision to bring in outside investors to help manage Sotheby's likely comes as the bn\u2019aire\u2019s holding company Altice group faces mounting debt, the salmon-colored paper writes. <\/p>\n

The fine arts collector is in the red: <\/strong>Sotheby\u2019s has been under financial strain, with its parent company Bidfair reporting USD 3.5 bn in long-term debt as of the end of last year. In 2023, the auction house's revenue dropped to USD 1.36 bn from USD 1.4 bn in 2022. Interest expenses also rose, reaching USD 267 mn compared to USD 218 mn the previous year. This financial pressure led S&P Global Ratings to downgrade Sotheby\u2019s credit rating to B minus, citing declining profitability and elevated leverage.<\/p>\n","protected":false},"excerpt":{"rendered":"

B\u2019naire Patrick Drahi will commit capital to retain his majority stake of Sothbey\u2019s<\/p>\n","protected":false},"author":1,"featured_media":94717,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[1360,72,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-abu-dhabi","tag-adq","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"3053a6e4-c016-4d88-817e-99c62f623e5a","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/851.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADQ to acquire minority stake in Sotheby's for USD 1 bn","related_issue":[94712],"teaser":"B\u2019naire Patrick Drahi will commit capital to retain his majority stake of Sothbey\u2019s","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.9a5ff89f-7cda-4e6e-9883-cba2cdbc88a0.mp3"},"yoast_head":"\nADQ to acquire minority stake in Sotheby's in a USD 1 bn transaction - 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