Ropes & Gray Advises BidFair on Financing Aspects of its $3.7billion Acquisition of Sotheby's
Ropes & Gray is advising BidFair Limited on the financing aspects of its proposed $3.7billion acquisition of Sotheby’s, the auction house. BidFair Limited is owned by media and telecom entrepreneur Patrick Drahi.
Under the terms of the agreement, which was announced on 17 June 2019 following approval by Sotheby's Board of Directors, shareholders, including employee shareholders, will receive $57.00 in cash per share of Sotheby's common stock in a transaction with an enterprise value of $3.7 billion. The deal is expected to close in the fourth quarter of 2019, subject to customary conditions including regulatory clearance and shareholder approvals.
The transaction will result in Sotheby's returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.
The Ropes & Gray team is being led by finance partner Michael Kazakevich and finance counsel Alexandru Mocanu, alongside derivatives & commodities partner Anna Lawry – all based in London – finance partner Patricia Lynch – based in Boston – and finance associates Shabdita Gupta and Clara Melly – both based in London.