Global auction house Sotheby's has signed a definitive merger agreement to be acquired by BidFair USA, an entity wholly owned by billionaire media and telecom entrepreneur and art collector, Patrick Drahi.  

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 deal will see Sotheby's returning to private ownership after 31 years as a public ...