Sotheby’s Shareholders Approve $2.7 Billion Acquisition by Drahi

Sotheby’s got approval from shareholders to proceed with the $2.7 billion acquisition by French billionaire Patrick Drahi, the auction house said Thursday.

The $57-per-share deal will combine the 275-year-old Sotheby’s with a company controlled by Drahi, who surprisingly bid for the New York-based firm in June. The founder and president of telecom giant Altice Europe NV is worth $10.7 billion, according to the Bloomberg Billionaires Index, and while an art lover, is not known as a major collector.