ADQ invests $1bn in Sotheby's minority stake, aiming to strengthen the company's balance sheet and expand in Middle East market.
Abu Dhabi's ADQ signs agreement to acquire a minority stake in Sotheby's, investing $1bn alongside owner Patrick Drahi. The investment aims to strengthen Sotheby's balance sheet and expand its business, enhance client experience, and bolster its presence in the Middle East, one of the fastest-growing markets for art and luxury. The deal is expected to close by the end of the year.
August 09, 2024
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