Slaughter and May is advising Sotheby’s, the global leader in fine art and secondary market luxury, on the English law aspects of, as well as coordinating the competition matters globally in relation to, the sale of a minority stake to ADQ, an Abu Dhabi-based investment and holding company. The total amount of investment is approximately US$1 billion with the transaction expected to complete before the end of 2024.
Through the investment, ADQ will acquire newly issued shares of Sotheby’s. The transaction will reduce leverage and support Sotheby’s to deliver its ambitious growth agenda while accelerating its expansion into new markets, including establishing an even more robust presence in the Middle East.