French billionaire Francois-Henri Pinault is reportedly getting closer to closing a $7 billion deal for talent agency Creative Artists Agency (CAA). That $7 billion valuation is an increase from the $5.5 billion reported when CAA acquired ICM Partners in 2021.

Fancy like: Pinault is the chairman and CEO of luxury goods conglomerate Kering, which owns fashion brands like Gucci, Bottega Veneta and more. He is also the president of its parent holding, Groupe Artémis. News of a potential deal between CAA and Pinault was first reported in July, at which time a Kering spokesperson said that any reported talks have not involved the company.

When Bloomberg first reported the news, it noted that talks "could still end without an agreement," but a new report from the outlet on Wednesday says that Pinault is nearing a deal to purchase the majority stake in CAA. Sources say that Pinault is seeking the majority stake held by private equity firm TPG Inc., which acquired a 35% stake in CAA in 2010 and increased its holding to 53% in 2014.

Hold your breath: While parties are expected to wrap up negotiations within the next few weeks, the deal could still "fall apart."

Additionally, the report states that Singapore government investment arm Temasek Holdings may increase its stake in the agency by buying out China’s CMC Capital. Temasek secured a minority stake in CAA in 2017.