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Sotheby's shareholders approve sale to Patrick Drahi

Art auction house Sotheby's said Sept. 5 that its shareholders approved the company's sale to art collector and telecom entrepreneur Patrick Drahi.

BidFair USA, an entity wholly owned by Drahi, agreed to buy Sotheby's for an enterprise value of $3.7 billion in June.

"Mr. Drahi's offer delivers a significant premium to market for our shareholders, including our employee shareholders, and positions Sotheby's well for the future," Chairman Domenico De Sole said in a statement.

The deal is expected to close in the fourth quarter, subject to customary conditions.