French billionaire Francois-Henri Pinault has reached an agreement to purchase a majority stake in Creative Artists Agency (CAA).

Pinault’s family holding company Artemis will buy the financial stake belonging to private equity firm TPG.

CAA said Bryan Lourd, Kevin Huvane, and Richard Lovett will remain co-chairs of CAA. Lourde is expected to be named CEO of the agency, while Jim Burtson, who led negotiations for CAA, will continue in his role as agency president.

Following the acquisition by Artémis, Temask, an investment company backed by Singapore, will continue to be a minority stakeholder in CAA.

“Artémis is a strategic investor of the highest order, with global reach and resources across countless areas of our clients’ interests, a deeply sophisticated understanding of global brands and how to support their growth, and a passion for creativity and innovation that matches ours and that of our clients,” said CAA’s Lourd, Lovett, Huvane, and Burtson.

Artémis CEO Pinault said, “CAA’s exceptional insight, relationships, and access across key sectors, combined with their widely regarded level of collaboration and innovation, gives the company a formidable role in driving global opportunities for its diverse and culture-defining clients. We look forward to supporting the agency’s very bright path ahead.”

The deal is expected to close by the end of 2023. The financial terms of the transaction were not disclosed.

CAA will join Artémis’ $40 billion dollar portfolio that includes luxury brands such as Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen and Brioni.