ADQ is to acquire the stake through newly issued shares with an investment that will be used to reduce debt and support Sotheby’s growth.
August 13, 2024 at 11:21 AM
2 minute read
Sullivan & Cromwell advised Abu Dhabi’s sovereign wealth fund ADQ on acquiring a minority stake in Sotheby’s for about $1 billion while Hughes Hubbard & Reed, Mayer Brown and Slaughter and May advised Southeby’s.
ADQ is to acquire the stake through newly issued shares. The investment will be used to reduce debt and support Sotheby’s growth. French telecommunications entrepreneur Patrick Drahi remains the majority shareholder.
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