Paris - Mayer Brown announced today that it advised BidFair USA, Inc., an entity wholly owned by media and telecom entrepreneur as well as art collector Patrick Drahi, as structuring counsel in connection with its acquisition of Sotheby’s Inc. (NYSE: BID). Under the terms of the agreement, which was approved 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 transaction would result in Sotheby’s returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.
The Mayer Brown team included:
- On the structuring aspects: Partners Jason Bazar (New York), Laurent Borey (Paris) and James Hill (London), and associates Lucas Giardelli, David Goett (both New York), Nicolas Danan, Louis Nayberg (both Paris) and Kitty Swanson (London)
- On the corporate aspects: Partners Perry Yam and James West (London).