UPDATED with deal closing: CAA and Artémis on Monday said that its deal for Artemis to acquire a majority stake in CAA has officially closed.
Artemis, run by French billionaire Francois-Henri Pinault, agreed to acquire the stake (thought to be in the 50%-60% range) from investment firm TPG on September 7 after months of talks. There were no new details about the financials on the deal today, but the sale was previously reported to be for around $7 billion.
The two sides in their joint release today also confirmed that Singapore-based Temasek will remain a minority investor in CAA, while CMC Capital remains a strategic partner.
PREVIOUSLY, September 7 AM: Creative Artists Agency has a new majority owner in French billionaire Francois-Henri Pinault. After months of negotiations. Artémis, the Pinault family’s investment company, has agreed to acquire the majority stake in CAA that was previously held by global investment firm TPG.
No financials have been disclosed but the pact for the stake, said to be in the 50%-60% range, was previously reported to be in the $7B ballpark. The transaction is expected to be completed later this year.
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CAA’s current leadership team will remain intact. Bryan Lourd, Kevin Huvane, and Richard Lovett have each made long-term deals and will remain the Co-Chairmen. Lourd, who has been increasingly taking on management responsibilities, is expected to be named CEO following the transaction, a new position at the agency. Jim Burtson, who led the CAA deal team, will continue as President.
Singapore-headquartered global investment firm Temasek and China’s CMC Capital will remain minority investors in CAA; I hear the sizes of their stakes may undergo adjustment in light of the transaction.
The deal closes a 13-year TPG chapter in CAA’s history marked with a series of acquisitions, most notably that of rival ICM Partners a year ago, while opening a new one.
“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. François-Henri Pinault and his remarkable team, led by Héloïse Temple-Boyer and Alban Greget, share our vision for a future of limitless new opportunities,” said CAA’s Lourd, Lovett, Huvane and Burtson. “We are enormously grateful to TPG for their strategic expertise, invaluable support, and friendship over 13 years. We enjoyed tremendous growth and success together and look forward to continuing to collaborate on projects ahead.”
Artémis has consolidated assets of more than $40 billion with holdings that include Kering, the luxury goods group that is home to Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, and other luxury brands; auction house Christie’s; the contemporary art Pinault Collection; and Artémis Domaines, which encompasses a collection of wine estates, including Château Latour.
In addition to his luxury brands, Pinault has had ties to Hollywood through his wife, actor-producer Salma Hayek. She is represented by CAA where her team has been led by Lourd.
“As a leader in its field with an outstanding management team, a crystal-clear focus on providing world-class service to world-class clients and a tremendous track record of growth, CAA has all the relevant characteristics to be part of the Artémis family, adding increased diversity, both in terms of geographical footprint and business activities, to our other assets,” said Pinault, Artémis CEO. “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.”
Allen & Company LLC served as financial advisor to CAA, and Wachtell, Lipton, Rosen & Katz served as legal counsel. Rothschild & Co served as financial advisor to Artémis, and Cleary Gottlieb Steen & Hamilton LLP served as legal counsel. Ropes & Gray LLP served as legal counsel to TPG. Sullivan & Cromwell LLP served as legal counsel to Temasek.
“CAA has dramatically expanded its platform over the past 13 years and today operates as the premier gateway for leading talent and content creators globally,” said Jim Coulter, Executive Chairman and Co-Founder of TPG. “This has been a hallmark partnership for our firm, and we wish the team continued success in its next chapter.”
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