French billionaire Francois Pinault’s holding company Artémis agreed to buy a majority stake in the Hollywood talent giant Creative Artists Agency from the private equity firm TPG Inc.
As previously reported by Bloomberg News, Pinault is buying its stake in a deal that values the business at $7 billion. CAA, founded in 1975, represents some of the top stars in sports and entertainment, including Pinault’s wife, actress Salma Hayek.
Artémis, which has assets of over $40 billion, controls fashion brands such as Gucci and Saint Laurent, as well as the Christie’s auction house. Pinault, chairman of the fashion giant Kering SA, is worth more than $38 billion, according to the Bloomberg Billionaires Index.
Read the full story on Bloomberg here.