Firm Reps Sotheby’s in $1 Billion Investment Round

October 2024 — Hughes Hubbard advised Sotheby’s in closing a minority investment round with ADQ, an Abu Dhabi-based investment and holding company. The total amount of investments by ADQ and Patrick Drahi, who acquired Sotheby’s in 2019 and remains Sotheby’s majority owner, is approximately $1 billion.

Partners Michael Traube and Javad Husain, counsel Alexander Rahn and associate Drew Bader led the HHR team with primary assistance from partners Andy Braiterman, Ken Lefkowitz and Charlie Wachsstock; counsel Justin Cohen, Kristin Millay and Sabrina Silverberg; and associate Tom Koziel. Other team members included partners Philip Giordano, Mike Huneke, Shahzeb Lari, Chuck Samuelson, John Townsend and Dan Weiner; counsel Dev Ghose, Anna Hamati and Sean Reilly; associates Daniel Chan and Taylor Skaggs; and paralegal Emily Chan.