Altice’s Patrick Drahi acquired Sotheby’s Auction House for $3.7 Billion

Smith anticipates that the acquisition will enable Sotheby’s to expedite its growth initiatives in a more adaptable private setting

Patrick Drahi, the owner of the telecom conglomerate Altice, is poised to acquire Sotheby’s, the renowned auction house, for $3.7 billion. This move would transition Sotheby’s from being publicly traded on the New York Stock Exchange, where it has been for 31 years, to a privately owned entity. Drahi clarified that the acquisition is independent of Altice Europe or Altice USA and will be financed through BNP Paribas and his personal equity. Expressing his lifelong passion for the industry, Drahi sees significant growth potential for Sotheby’s, describing it as a captivating and centuries-old company that unites people worldwide through culture and the arts. He assures that there won’t be any alterations to the company’s strategy or management.

Sotheby’s CEO, Tad Smith, praises Drahi’s long-term perspective and alignment with the brand's vision for exceptional client service and innovative approaches. Drahi, whose ownership stake in Altice USA has increased to 38% over the past year, intends to sell a portion of his Altice USA holdings worth up to $400 million by year-end but plans to retain his full commitment to Altice Europe NV and Altice’s telecom and media businesses. Having already established a presence in the U.S. through Altice’s previous acquisitions like Suddenlink in 2015, Cablevision in 2016, and Cheddar most recently, Drahi's move into the high-profile world of art auctions marks another strategic expansion.