NEW YORK (AP) — BidFair USA is taking auction house Sotheby’s private in a deal valued at $3.7 billion.
BidFair USA will pay $57 per share, which is a 61% premium to the company’s Friday closing stock price.
BidFair USA is owned by media and telecom entrepreneur and art collector Patrick Drahi. He founded Altice in 2001.
Sotheby’s, founded in 1744, has traded publicly on the New York Stock Exchange for 31 years.
The deal is expected to close in the fourth quarter. It’s subject to shareholder approval and regulatory clearance.
Shares of Sotheby’s jumped more than 59% before the market open on Monday.
