Abu Dhabi wealth fund ADQ and Sotheby’s majority owner Patrick Drahi will invest $1 billion in the auction house in a deal that will see ADQ acquire a minority stake in the company, the fund and Sotheby’s said on Friday.
French-Israeli billionaire Drahi, who founded telecoms group Altice, has been struggling with soaring debt costs because of a $60 billion debt pile that allowed him to build his media-to-telecoms empire in an era of low interest rates.
Source: REUTER
