Prior notification of a concentration (Case M.11689 – ADQCVF / NEXT / SOTHEBY’S) – Candidate case for simplified procedure
Date: 2024-09-03
Institutions: Directorate-General for Competition, European Commission
Subjects: arts, auction sale, broker, economic concentration, holding company, investment company, mass media, merger control, motor car, telecommunications








C_202405390EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2024/5390


3.9.2024






Prior notification of a concentration
(Case M.11689 – ADQCVF / NEXT / SOTHEBY’S)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2024/5390)


1.   
On 26 August 2024, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


ADQ CV Future Holdings I Limited (‘ADQCVF’, Abu Dhabi), controlled by Abu Dhabi Developmental Holding Company PJSC (‘ADQ’, Abu Dhabi),










—


NEXT Alt SARL (‘Next’, Luxembourg), controlled by Mr Patrick Drahi,










—


Sotheby’s Holdings UK Limited (‘Sotheby’s’, United Kingdom), controlled by BidFair Limited (United Kingdom), belonging to Next.




ADQCVF will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control, together with Next, of the whole of Sotheby’s.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


ADQCVF is a wholly owned subsidiary of ADQ which is an investment and holding company with a broad portfolio of enterprises operating in key sectors of the UAE’s economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics,










—


Next controls the Altice group, which is active in the provision of telecoms, content, media and entertainment as well as BidFair Limited, the owner of Sotheby’s,










—


Sotheby’s is a broker of works of art and luxury items, including authenticated fine art, decorative art, jewellery, wine, automobiles and other collectibles as well as quality automobiles and luxury real estate.






3.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


4.   
The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.11689 – ADQCVF / NEXT / SOTHEBY’S
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2024/5390/oj
ISSN 1977-091X (electronic edition)