DUBAI, Aug 9 (Reuters) - Abu Dhabi wealth fund ADQ and

Sotheby's majority owner Patrick Drahi will invest $1 billion in

the auction house in a deal that will see ADQ acquire a minority

stake in the company, the fund and Sotheby's said on Friday.

French-Israeli billionaire Drahi, who founded telecoms group

Altice, has been struggling with soaring debt costs because of a

$60 billion debt pile that allowed him to build his

media-to-telecoms empire in an era of low interest rates.

Under the deal with ADQ, Drahi will keep majority ownership

of Sotheby's, one of the world's largest brokers of fine and

decorative arts and jewellery.

ADQ, Abu Dhabi's third biggest sovereign wealth fund, said

Drahi will invest additional capital to bring the total

investment by both parties to around $1 billion.

"Our investment underscores our firm belief in the enduring

value of Sotheby's brand, market leading platform and the

ability of its management to execute on their growth agenda,"

said Hamad Al Hammadi, ADQ deputy group CEO.

ADQ was established in 2018 and holds a broad portfolio

including energy and utilities, food and agriculture, healthcare

and others.

"The additional capital and investment expertise will enable

us to accelerate our strategic initiatives, expand our

commitment to excellence in the art and luxury markets, and

continue to innovate to better serve our clients around the

world," said Charles F. Stewart, CEO of Sotheby's.