Art auction house Sotheby's said Sept. 19 that regulators approved the sale of the company to BidFair USA, owned by art collector and telecom entrepreneur Patrick Drahi.
New York-based Sotheby's shareholders approved the merger in the first week of September. The company now expects to close the deal Oct. 3, subject to customary closing conditions.
BidFair USA agreed to buy Sotheby's for an enterprise value of $3.7 billion in June.
The transaction gives Sotheby's shareholders $57 in cash per share for the company's common stock.
The deal will also take Sotheby's private after 31 years of trading on the New York Stock Exchange.
