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Abu Dhabi’s ADQ to acquire minority stake in Sotheby’s, owner Patrick Drahi to invest additional capital

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Abu Dhabi’s ADQ to acquire minority stake in Sotheby’s, owner Patrick Drahi to invest additional capital

ADQ, the sovereign wealth fund of Abu Dhabi, has agreed to acquire a minority stake in auction house Sotheby's. The deal, worth $1 billion, includes additional capital from owner Patrick Drahi. ADQ's investment will largely consist of newly issued shares, while Drahi will retain majority ownership. The funds will be utilized to strengthen the company's balance sheet, expand its business, and enhance client experience. The partnership with ADQ, known for operational excellence and long-term planning, will bolster Sotheby's presence in the Middle East, a rapidly growing market for art and luxury goods. The deal comes amid a challenging period for the auction sector, as global art sales have contracted by 4% in recent years.

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