August 09, 2024
Mayer Brown advises Sotheby's on sale of minority stake to ADQ
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Mayer Brown advised Sotheby's, the global leader in fine art and secondary market luxury, on the tax and structuring aspects in connection with the sale of a minority stake to ADQ, an Abu Dhabi-based investment and holding company. The total amount of investment is approximately $1 billion.
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. This marquee investment will support Sotheby’s in delivering its ambitious growth agenda while accelerating its expansion into new markets, including establishing an even more robust presence in the Middle East, as Abu Dhabi continues to strengthen its arts and culture offering domestically.
The team was led by partner Jason Bazar and included partner Lucas Giardelli, senior counsel Thomas Vitale, and counsel David Goett, in the firm’s New York and Northern California offices.
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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. This marquee investment will support Sotheby’s in delivering its ambitious growth agenda while accelerating its expansion into new markets, including establishing an even more robust presence in the Middle East, as Abu Dhabi continues to strengthen its arts and culture offering domestically.
The team was led by partner Jason Bazar and included partner Lucas Giardelli, senior counsel Thomas Vitale, and counsel David Goett, in the firm’s New York and Northern California offices.
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