Beowolff Capital Management, led by ex-Goldman Sachs partner Andrew Wolff, has secured a 65% stake in online data firm Artnet, valuing it at approximately €65 million. The deal, financed through a voluntary takeover offer at €11.25 per share, will transition Artnet to a private company. The acquisition includes significant shares from German investor Rüdiger Weng, who has exited for the moment but anticipates future involvement. The synergy between Artnet and Artsy, already in Beowolff's portfolio, aims to create a robust interconnected art market, leveraging Artnet's extensive user base and historical auction data.
We are receiving about €20m, it is a wonderful deal, it helps in the current weak art market - we are now cash rich, said Rüdiger Weng.
Artnet represents a compelling opportunity that aligns perfectly with our goal of building an interconnected art market. The strength of the Artnet brand and scale of its global reach are significant, said Jan Petzel.
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