France’s billionaire Pinault family has agreed to buy a majority stake in Hollywood talent manager Creative Artists Agency from private equity firm TPG in the largest transaction ever for the family’s holding company, Artémis.
Details of the transaction were not disclosed, but Artémis, which has assets worth more than $40bn in its portfolio including a controlling stake in luxury group Kering, will take an approximately 53 per cent stake in CAA from TPG, according to two people with knowledge of the situation.
The talent agency has an enterprise value of $7bn including debt, the people said, and had sales, largely through commissions earned by agents on its artists and sports stars, of about $1.7bn in 2022. Artémis would pay a multiple of 13 times earnings before interest, tax, depreciation and amortisation for its stake, one of the people said, and the acquisition would be financed using a mix of cash and debt.