BDO has provided buyside financial and tax due diligence on the acquisition of artnet AG ('Artnet') by Leonardo Art Holdings GmbH (an investment vehicle advised by Beowolff Capital Management Ltd and Eldon Capital Management Ltd).
Leonardo Art Holdings GmbH secured c.98.93% of Artnet’s entire share capital following successful completion of a voluntary takeover and delisting offer.
The delisting of Artnet's shares on the Frankfurt Stock Exchange took effect on 22 August 2025.
Artnet has been a central force in the global art market since it was founded by Hans Neuendorf in 1989. Known for its peerless data products, independent media coverage, and online marketplace, the company has played a vital role in increasing access and transparency in the art world.
Leonardo Art Holdings GmbH’s recent acquisition of Artsy signals its commitment to building an interconnected ecosystem in the art world—one that is in line with Artnet’s vision of being the leading online resource for the international art world, providing a trusted and transparent global marketplace to buy, sell and research fine art.
The BDO project team included:
Jo Davenport, Richard Crisp, Pieter Basson, Jess Perrett (Financial due diligence)
John Middlemass, Amy Hoare, James Pratt (Tax)