Residents have reacted with sadness and shock after a popular Ramsbottom bar and restaurant announced it has closed for good.
02.10.2023 - 18:43 / deadline.com
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.
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
Residents have reacted with sadness and shock after a popular Ramsbottom bar and restaurant announced it has closed for good.
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