TPG has sold its majority stake in CAA to Artémis, the family investment firm led by French billionaire François-Henri Pinault.

The terms of the deal were not released, but it was previously reported that TPG set the price for a 50-60% stake in the storied talent agency at $7b.

CAA's executive leadership will remain intact. Bryan Lourd, Kevin Huvane and Richard Lovett have each secured long-term deals and will continue as co-chairmen. When the agreement is finalized later this year, Lourd is expected to be named CEO, while Jim Burson, who led CAA in the negotiations, will remain president.

“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 Lourd, Lovett, Huvane and Burtson in a joint statement. “François-Henri Pinault and his remarkable team, led by Héloïse Temple-Boyer and Alban Greget, share our vision for a future of limitless opportunity. We are enormously grateful to TPG for their strategic expertise, invaluable support and friendship over 13 years.”

Other Artémis holdings include Kering, the luxury-goods group that owns Gucci, Saint Laurent, Bottega Veneta, Balenciaga and Alexander McQueen; the auction house Christie’s; a portfolio of wine estates; and Pinault's contemporary-art collection.

Pinault's wife, Salma Hayek Pinault, is a longtime client of CAA.