Blouin. (Courtesy Patrick McMullan)

According to a source close to the negotiations, art publisher Louise Blouin has finalized her plans to acquire Merchandise Mart Property Inc.'s art fair holdings, among them Art Platform Los Angeles, Volta, and the Armory Show, one of New York's most prominent art fairs.

Though money has yet to change hands, the deal is said to be finalized and the source described it as "locked, but not yet consummated."

The Armory Show has gone through a number of changes in recent years. MMPI purchased the fair in 2007, which was founded in 1994 as the Gramercy International Art Fair, debuting at the Gramercy Park Hotel. Earlier this year, Paul Morris, the fair's founding director, announced that he would resign his position of the past five years as vice president of art shows and events for MMPI.

News that the fairs were for sale, through a Westport, Conn.-based intermediary called Corporate Solutions, first broke in Art in America. In October, The Art Newspaper reported that Ms. Blouin was among those in talks to buy the fair.

Ms. Blouin is CEO and owner of Louise Blouin Media, which owns Art + Auction and Modern Painters, among other publications. Louise Blouin Media President Ben Hartley declined comment for this story.