Auctions house Christie’s has agreed to sell its stake in the J.K. Kane auction house and auction house Christie Partners will combine their holdings.
The two companies are also planning to combine their operations into a new auction house, which will be led by Christie’s president and CEO, John Miller.
The transaction was first reported by Bloomberg News.
Auctioneer and Christie’s founder, J.B. Christie, said on Twitter the deal would bring “new and exciting opportunities” for Christie Partners, which he said was the largest auction house in the world.
“I am thrilled to announce that Christie Partners and J. K. Kane have come to an agreement on a joint venture to become a new entity called Christie’s New York,” Christie said.
“We are excited to work together to bring this exciting new opportunity to New York.”
Auctions New York announced the agreement Thursday morning.
Christie’s will own the auction house.
Miller, who previously worked at Christie’s, said in a statement that he is looking forward to expanding the company’s operations in New York.
J.K.’s is owned by auction house Macmillan Auctioneers and Christie Partners is owned in part by auction firm Christie’s.
The auction house will focus on luxury products.
According to Bloomberg, the sale is expected to be finalized by the end of 2018.
More from Fortune: The J.C. Penney auction house has agreed on a $300 million merger with auction house H&M to create a new, unified online auction house that will be called Christie.com, the online auction website that Christie launched in 2012.
As part of the merger, the combined entity will have the ability to host auctions at Christie.
It also will have access to the Christie’s online auction site, which is owned and operated by H&M.
It’s unclear if the merged company will be able to compete in the luxury retail marketplace.
M will be an independent seller of fine art and other collectibles, as well as specialty items such as fine jewelry, watches and watches, watches, and other watches, according to Bloomberg.
Sotheby’s Group said Thursday it has sold its stake to another private equity firm in a $2.4 billion deal that will create a $8 billion portfolio of private equity companies.
An auction house based in New Jersey, Christie Partners has been the largest player in the auction industry, with more than 2,000 auction houses across the U.S. and Canada.
Last year, Christie announced plans to merge its online auctions with the Christie auction house into a single platform, but the merger was delayed in December after the Justice Department accused the two companies of violating antitrust laws.