ADQ, Abu Dhabi, is taking a minority stake in fine art and luxury goods broker Sotheby's.
ADQ, a $196 billion sovereign wealth fund, will acquire an undisclosed stake in Sotheby's, a spokesperson confirmed. ADQ is investing alongside Sotheby's owner Patrick Drahi to support the company's growth and innovation plans, an ADQ news release said. Drahi will remain the majority owner of the auction house, and the total new investment is $1 billion.
“Our investment underscores our firm belief in the enduring value of Sotheby’s brand, market leading platform and the ability of its management to execute on their growth agenda,” Hamad Al Hammadi, deputy group chief executive officer at ADQ said in the release. It's part of ADQ's strategic commitment to find investment opportunities that contribute to the economic diversification of Abu Dhabi, the release added.
In April, ADQ acquired a 49% stake in Plenary Group, an Australia-based independent investor, developer and manager of public-private infrastructure projects. In January, ADQ announced the signing of definitive agreements for the strategic acquisition of a 40.5% stake in Egypt-based Talaat Moustafa Group Holding’s hospitality arm, ICON Group.
