Abu Dhabi Sovereign Wealth Fund to Acquire Stake in Sotheby’s
Abu Dhabi’s sovereign wealth fund, ADQ, has secured a deal with Sotheby’s owner, French-Israeli telecoms tycoon Patrick Drahi, for a minority stake in the auction house. The transaction is set to close by the end of the year.
Under the agreement, ADQ will purchase newly issued shares of Sotheby’s to support the company’s growth and innovation plans. Drahi will remain the majority shareholder and will also inject additional capital into Sotheby’s. The total planned investment from both ADQ and Drahi totals $1 billion, with the majority coming from ADQ.
Industry professionals were anticipating ADQ’s investment, as reports had been circulating since 2021 about Drahi considering a private sale or public offering of Sotheby’s shares. The Financial Times previously reported that the Qatar Investment Authority was also in talks to acquire a minority stake in the auction house.
The pressure of high interest rates on Drahi’s heavily leveraged business empire, particularly Altice, has been well-documented. Altice, the telecoms multinational he founded, is reportedly struggling with $60 billion in debt.
Sotheby’s CEO, Charles Stewart, expressed excitement about ADQ’s investment, highlighting their long-term vision for the business. The additional capital and investment expertise will help accelerate strategic initiatives, expand their commitment to excellence in the art and luxury markets, and drive innovation to better serve clients worldwide.
Source
Cillian O’Rourke, studied at the National College of Art and Design in Dublin, Ireland, where he majored in Visual Communication. His work spans graphic design, illustration, and branding, with a distinct minimalist style that emphasizes simplicity and impact. Cillian has collaborated with international brands and runs his own design studio focusing on creative solutions for startups.