Artnet to Go Private Following Beowolff Buyout of $65 Million USD
Summary
Beowolff Capitalhas announced a $65 million USD deal to acquireArtnet, with plans to take the company private. The investment firm has already secured65% of Artnet's share capitaland is offering €11.25 per share to the remaining shareholders, representing a 97% premium over the company's closing price on March 3, the last trading day before rumors of the takeover surfaced.
As part of the deal, Beowolff will purchase a 29.99% stake from Weng Fine Art AG for nearly €20 million, effectively ending a years-long power struggle between Artnet and the German art investment firm. The transaction is scheduled to close on May 30, 2025.
Beowolff's acquisition of Artnet follows its recent purchase ofArtsy, signaling a broader strategy to dominate the digital art landscape. The firm intends to create a connected ecosystem of art platforms powered by shared AI tools, designed to streamline transactions, improve data access and boost market transparency.
Despite the ownership change, Artnet will continue to operate as usual, retaining its leadership team, product offerings and editorial arm, Artnet News. Beowolff says it sees long-term value in Artnet's global reach and credibility as a marketplace and information hub for the art world
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