Media Tycoon Patrick Drahi buys Sotheby's for $3.7 Billion,

BidFair USA, a company owned by the French-Israeli collector and entrepreneur Patrick Drahi, has taken ownership of Sotheby's, the 275-year-old auction house. Drahi, who paid $3.7 billion for the auction house, is planning to take the publicly traded company private, which means that Sotheby's will no longer be traded on the New York Stock Exchange (NYSE). The acquisition may have a significant impact on the auction industry, as of now, Sotheby's and competitor Christie's are both in private hands. Christie's is owned by luxury goods magnate Francois Pinault.

Reportedly, Sotheby's shareholders will receive $57 per share of common stock. This is a much higher amount that the current share price on the NYSE which was reported at stand at $32.

According to a statement releases by Sotheby's, the price paid for its shares "represents a premium of 61 percent to Sotheby's closing price on June 14, 2019, and a 56.3 percent premium to the company's 30 trading-day volume weighted average share price."

Sotheby's CEO Tad Smith said in a statement that "Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby's, I want to welcome him to the family. Known for his commitment to innovation and ingenuity, Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world. He has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees. This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment."

As of November 2015, Forbes estimated Drahi's net worth at $10.3 billion. Forbes ranked him as the 60th-richest person in the world, the third-richest person in France. He was ranked as the richest person in Israel, until 2016, when he came in at second.

Drahi issued a statement, saying that he was making the acquisition "for my family, through my personal holding, with a very long-term perspective. There is no capital link with Altice Europe or Altice USA. With my family, we are very enthusiastic to build together with its current management and their teams the future of Sotheby's, a fascinating…company with such a celebrated history of uniting people all over the world through culture and arts."