(TDB) - Franco-Israeli media tycoon and art collector Patrick Drahi has acquired auction house Sotheby’s for US$3.7 billion it has been announced.

The move returns Sotheby’s, which is one of the world’s leading fine wine and spirits auctioneers, to private hands after 31 years as a public company. Shareholders were reportedly paid $57 per share and the final offer represented a premium of 61% on Sotheby’s closing price on 14 June this year.

Sotheby’s CEO, Tad Smith, said: “Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby’s, I want to welcome him to the family. Known for his commitment to innovation and ingenuity, Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world.