Weng Fine Art Completes Sale of Artnet Stake

Weng Fine Art AG (WFA) has finalized the sale of its stake in artnet AG for nearly EUR 20 million. WFA received EUR 15,187,500 from this transaction. The company plans to use the cash inflow primarily to reduce bank liabilities, leading to the termination of relationships with three banks. This will leave WFA with three or four financing partners. The remaining funds will be used to explore new business areas, with more details to be revealed later.

Rüdiger K. Weng, CEO of WFA, dismissed speculation about a higher takeover price for Artnet shareholders. He attributes the current share price of EUR 11.25 to Artnet's brand value and data, despite challenging operational figures. WFA and Weng have decided to sell all shares to Beowolff Capital but may invest in a future merger of Artnet and Artsy.