MCH Swiss Exhibition (Basel), a company belonging to MCH Group in Basel, acquired the remaining 40% of the shares in Asian Art Fairs Limited in Hong Kong today, 24 October 2014, having held 60% of the shares since 1 July 2011.
The acquisition of the majority holding at that time was coupled with the option of acquiring the company in its entirety in 2014. MCH Group is now taking up this option.
The parties have agreed not to disclose the purchase price or other details of the contract.
In 2008 Asian Art Fairs Limited launched ART HK – Hong Kong International Art Fair. Following the acquisition of the majority shares in Asian Art Fairs Limited by MCH Group in 2011, the show has been developed into Art Basel’s platform in Asia, the leading international art fair in Asia, running alongside Art Basel’s shows in Basel and Miami Beach. The first edition of Art Basel in Hong Kong took place in 2013.