Media communications entrepreneur Patrick Drahi has made his bid on the New York based company this Monday. The move will bring the historic auction house into private ownership for the first time in over thirty years, with the deal being expected to come into effect on the fourth quarter of this year.

Drahi, who is the owner of ALTICE/MEO in Portugal, purchased Sotheby’s through his acquisition company BidFair USA. As a result of the deal, stockholders will see a premium of 61% on their stocks, which will be bought at $57 apiece.

Moving Sotheby’s towards the private realm is expected to bring new life to the bicentennial company, which has seen a steady downfall in its stock’s value over the past twelve months.