Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company « Abu Dhabi Developmental Holding Company PJSC » of the indirect joint control of the company « Sotheby’s Holdings UK Ltd » through its « subsidiary ADQ CV Future Holdings I Ltd »

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the « summary of the transaction » below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible for it. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed transaction.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The direct acquirer: «ADQ CV Future Holdings I Ltd»;
• The indirect acquirer: «Abu Dhabi Developmental Holding Company PJSC (« ADQ »);
• The target: « Sotheby’s Holdings UK Ltd ».

Nature of the transaction

• Acquisition of joint control

Economic sector concerned

• The art sector.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e. September 16, 2024.

NON-CONFIDENTIAL SUMMARY OF THE TRANSACTION PROVIDED BY THE PARTIES

The Competition Council has received notification of a concentration operation, whereby the company « Abu Dhabi Developmental Holding Company PJSC » intends to acquire the indirect joint control of the company « Sotheby’s Holdings UK Ltd » through its « subsidiary ADQ CV Future Holdings I Ltd ».

Abu Dhabi Developmental Holding Company PJSC is a public limited company and investment holding company based in Abu Dhabi, which holds a wide portfolio of major companies.

Sotheby’s Holdings UK Limited is a limited liability company under UK law. It operates as an art and luxury collectibles broker and is active in Morocco through the sale of artworks to individuals.

 

Done in Rabat on September 05, 2024