{"id":97391,"date":"2024-10-31T00:00:00","date_gmt":"2024-10-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adq-completes-acquisition-of-stake-in-sothebys\/"},"modified":"2024-10-31T00:00:00","modified_gmt":"2024-10-31T00:00:00","slug":"adq-completes-acquisition-of-stake-in-sothebys","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/31\/adq-completes-acquisition-of-stake-in-sothebys\/","title":{"rendered":"ADQ completes acquisition of stake in Sotheby\u2019s"},"content":{"rendered":"

ADQ closes Sotheby\u2019s acquisition:<\/strong> Abu Dhabi\u2019s sovereign wealth fund ADQ acquired a minority stake in Sotheby\u2019s, the UK-based auction house, as part of a c.USD 1 bn investment made jointly with telecom b\u2019naire Patrick Drahi, Bloomberg<\/a> reports. Drahi retained a majority stake in the company. The exact financial terms of the transaction were not disclosed. <\/p>\n

ADQ will get seats on Sotheby\u2019s board:<\/strong> ADQ will hold three seats on Sotheby\u2019s board, which will consist of eight directors plus the CEO. Sotheby\u2019s CEO Charles Stewart confirmed that ADQ\u2019s representation approximately reflects its proportional investment in the company, without providing further details. <\/p>\n

Background: <\/strong>ADQ first revealed its plan to snag a stake in Sotheby\u2019s last August<\/a>, stating that it will acquire newly issued Sotheby\u2019s shares, with Drahi \u2014 who bought Sotheby\u2019s for USD 3.7 bn in 2019 \u2014 committing capital to retain his majority stake.<\/p>\n

Sotheby\u2019s has faced financial challenges in recent years<\/strong>, with parent company Bidfair holding almost USD 1.7 bn in long-term debt. The company\u2019s sales declined to USD 3.2 bn in the first half of 2024, down 20% y-o-y, according to a company spokesperson. This financial pressure led S&P Global Ratings to downgrade Sotheby\u2019s credit rating to B-, citing declining profitability and elevated leverage.<\/p>\n

The capital injection will repay Sotheby\u2019s debt + fuel its expansion:<\/strong> The auction house will use approximately USD 800 mn of the funds to reduce its debt, with the rest to go towards supporting Sotheby\u2019s expansion plans. The expansion plans include growing its real estate portfolio in the US, entering new markets, and developing new revenue streams, Artnews<\/a> reports. Part of this includes finalizing the purchase of the Breuer building in New York, initially announced in June 2023 for USD 100 mn, where Sotheby\u2019s plans to establish its New York headquarters. Stewart stated that the auction house expects to finalize the acquisition \u201cimminently,\u201d in a statement<\/a>. <\/p>\n

PLUS- The auction house could expand its presence in the Middle East, particularly in Abu Dhabi<\/strong>, it said in August. <\/p>\n

\n

OTHER M&A NEWS-<\/p>\n

A subsidiary of<\/strong> Modon Holding\u2019s Adnec Group, Excel London, completed the <\/strong>acquisition of London\u2019s BDCG Holdings<\/strong>, which owns the Business Design Center venue in north London, according to an ADX disclosure (pdf)<\/a>. The transaction\u2019s value was not disclosed. The venue \u2014 which spans 4.5 acres \u2014 hosts more than 130 events and 900k guests annually.<\/p>\n

REMEMBER- Adnec is expanding across multiple sectors<\/strong>, acquiring the Abu Dhabi-based Royal Catering<\/a> last week to merge the firm into its existing catering business Capital Catering.<\/p>\n

About Excel:<\/strong> The company operates as an events hub in the meetings, incentives, conferences, and exhibitions (MICE) industry. Acquired by Adnec in 2008, Excel currently operates 125k sqm of MICE space, making it the largest integrated conference and exhibition venue in Europe.<\/p>\n","protected":false},"excerpt":{"rendered":"

ADQ will have three seats on the auction house\u2019s board<\/p>\n","protected":false},"author":1,"featured_media":97392,"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":[1360,584,72,7,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-abu-dhabi","tag-adnec","tag-adq","tag-enterpriseam-uae","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"5004a191-e068-49a4-b69c-1933e6246d34","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 completes acquisition of stake in Sotheby\u2019s","related_issue":[97386],"teaser":"ADQ will have three seats on the auction house\u2019s board","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.98c5b7bf-db0e-4b1f-bffc-63dc0b1c1242.mp3"},"yoast_head":"\nADQ completes acquisition of stake in Sotheby\u2019s - 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