Firm Reps Sotheby’s in ADQ’s Minority Interest Acquisition

August 9, 2024 - Hughes Hubbard advised Sotheby’s on a definitive agreement with Abu Dhabi-based investment and holding company ADQ under which ADQ will acquire a minority interest in Sotheby’s. 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.

Slaughter & May acted as U.K. counsel and Mayer Brown acted as tax and structuring counsel.

Partners Michael Traube and Javad Husain, counsel Alexander Rahn, and associate Drew Bader led the HHR team with primary assistance from partners Andy Braiterman, Ken Lefkowitz and Charlie Wachsstock; counsel Justin Cohen, Kristin Millay and Sabrina Silverberg; and associate Tom Koziel. Other team members included partners Dev Ghose, Philip Giordano, Mike Huneke, Shahzeb Lari, Chuck Samuelson, John Townsend and Dan Weiner; counsel Anna Hamati and Sean Reilly; associates Daniel Chan and Taylor Skaggs; and paralegal Emily Chan.