ADQ Acquires $1 Billion Stake in Sotheby’s, With Legal Counsel From Sullivan & Cromwell

In a notable transaction, Sullivan & Cromwell advised Abu Dhabi’s sovereign wealth fund ADQ in acquiring a minority stake in Sotheby’s for approximately $1 billion. The legal counsel for the auction house included Mayer Brown, Slaughter and May, and Hughes Hubbard & Reed. The acquisition involves newly issued shares, with the investment directed towards debt reduction and growth support for Sotheby’s. French telecommunications entrepreneur Patrick Drahi continues as the majority shareholder. For further details, the original article can be accessed here.