Highlights
- The investment will support Sotheby’s growth and expansion
- Structured as an issuance of new capital with Patrick Drahi remaining the majority shareholder
- Investment is aligned with ADQ’s commitment to identify strategic assets that support Abu Dhabi’s economic diversification journey
ADQ, an Abu Dhabi-based investment and holding company, and Sotheby’s, the global leader in fine art and secondary market luxury, today announced that they have signed a definitive agreement for ADQ to acquire a minority interest.
Under the terms of the agreement, ADQ will acquire newly issued shares of Sotheby’s to reduce leverage and support the company’s growth and innovation plans. Patrick Drahi, who acquired Sotheby’s in 2019, will also invest additional capital alongside ADQ and remain Sotheby’s majority owner. The total amount of investment is approximately $1 billion.
ADQ’s investment into Sotheby’s reflects its strategic commitment in pursuing value accretive investment opportunities that contribute to the economic diversification of Abu Dhabi. This marquee investment will support Sotheby’s in delivering its ambitious growth agenda while accelerating its expansion into new markets, including establishing an even more robust presence in the Middle East, as Abu Dhabi continues to strengthen its arts and culture offering domestically.
Hamad Al Hammadi, Deputy Group Chief Executive Officer of ADQ, said: “We are delighted to partner with Sotheby’s, a distinguished institution with a storied heritage. ADQ remains committed to exploring compelling investment opportunities that drive value for Abu Dhabi. Our investment underscores our firm belief in the enduring value of Sotheby’s brand, market leading platform and the ability of its management to execute on their growth agenda. We look forward to creating new collaboration opportunities with Sotheby’s and being a part of its journey."
Charles F. Stewart, CEO at Sotheby’s, added: "We are delighted to welcome ADQ as a shareholder to Sotheby’s. We embrace their long-term vision of our business, and this investment is a testament to what we have achieved so far as well as our significant potential for future growth. The additional capital and investment expertise will enable us to accelerate our strategic initiatives, expand our commitment to excellence in the art and luxury markets, and continue to innovate to better serve our clients around the world."
The investment agreement is subject to customary approvals and expected to close before the end of the year.
About ADQ
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to media@adq.ae. You can also follow ADQ on X, Instagram and LinkedIn.
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