French billionaire Pinault to buy majority stake in talent agent CAA
Francois Pinault’s holding company Artémis has 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, the French billionaire's firm 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 actress Salma Hayek. Hayek is married to Pinault’s son, Kering SA CEO Francois-Henri Pinault.
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, is worth more than $38 billion, according to the Bloomberg Billionaires Index.
Singapore-based Temasek Holdings Pte, the city-state’s investment firm, will remain a minority investor in CAA, the companies said Thursday. CMC Capital remains a CAA strategic partner.
Under the agreement, CAA’s Bryan Lourd, Kevin Huvane and Richard Lovett have each made long-term commitments to continue leading the agency and will remain co-chairmen. Lourd is expected to be named CEO when the deal closes. Jim Burtson, who led the CAA deal team, will remain president.