The company James Murdoch will become co-owner MCH Group
ARTinvestment.RU   13 июля 2020

Investment company of the son of media-магната will acquire a 30 % stake in the company MCH Group, which owns Art Basel

the events of the first half of this year, mainly (but not exclusively) associated with the impact of the pandemic strongly influenced the alignment of forces on the art-рынке. After the cancellation of-за quarantine the two main art fairs: Art Basel and some perennial sponsors design fairs Art Basel, it became clear that the Swiss MCH Group, the parent company that owns the fairs, to continue activities in need of a new shareholder is able to cover the lack of Finance.

Rumors circulating in recent weeks, called different versions of what could be the probable shareholders, but at the end of last week it became known that the Board of Directors of MCH Group took the decision to sell about 30 % of the shares of the investment company Lupa Systems organized and managed by James Murdoch, son of Rupert Murdoch. Most likely, the transaction will be finalized at the next General meeting of the Board of Directors of MCH Group, which will be held on August 3, 2020. At the moment majority stake — 33,5 % — belongs to the public administration of Basel. It is still unclear, shares of one of the shareholders of MCH Group will be sold or blurred according to the results of the transaction.

"Lupa [Systems] are grateful for the opportunity to work with the Board of Directors and other shareholders of the company on the promotion of the business in a way that is beneficial to all stakeholders", — the statement said Murdoch. Ulrich Visscher, Chairman of the Board of MCH Group, noted that "the endorsement and support that we received from the public shareholders, have become a decisive factor for this step. In Lupa Systems we found not only a shareholder, but a strategic partner that with your rich experience will be able to accelerate the necessary change of the company."

For the company Murdoch this is not the first acquisition for the art-рынке: among other things, Systems Lupa owns controlling stakes Vice Media Tribeca Enterprises and producing a famous edition of Vice and new-йоркский the Tribeca film festival. In addition, James Murdoch is a member of the Board of Directors of the Dia Art Foundation, and previously served on the Board of Directors of Sotheby's.

shares of MCH Group since the publication of the reports of the arrival of the new shareholder has increased in price by almost 2 %.

the Material was prepared by Maria Kuznetsova AI

Source: artnews.com