A company from Dubai has reached an agreement to acquire Fasig-Tipton Co. Inc., the oldest thoroughbred auction company in North America.
Synergy Investments Ltd. will take over the company, which holds an annual yearling auction in Saratoga Springs, as well as other auctions in Kentucky, New York, Maryland, Florida and Texas.
Abdulla Al Habbai, a close associate of Dubai ruler Sheikh Mohammed, controls Synergy. The sheikh has been a prominent player in North American thoroughbred auctions, including placing numerous multimillion dollar bids at rival Lexington auction house Keeneland.
Fasig-Tipton was founded in 1898.
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