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. Last Updated: 07/27/2016

Sotheby's Internet Deal




NEW YORK -- No. 1 Internet retailer Amazon.com Inc. said Tuesday it is investing $45 million in world-renowned auctioneer Sotheby's Holdings Inc. and is creating a joint online auction service with the 255-year-old company.


Under the deal, Amazon.com has agreed to buy 1 million shares of Sotheby's Holdings class-A common stock at $35.44 per share. Amazon.com has also agreed to purchase, for a total price of $10 million, three-year warrants to purchase an additional 1 million shares at $100 per share.