Qatar fund Mayhoola buys French fashion brand Balmain

Qatari private investment company Mayhoola investment fund, owner of the Valentino brand, confirmed that it is set to acquire French luxury fashion label Balmain, the company said in a statement on Wednesday.

Mayhoola gave no financial details, but sources told Reuters on Tuesday Mayhoola would pay more than 460 million euros ($522 million).

The deal marks the end of months of negotiations between the Qataris and Balmain investors, who include Sanofi co-founder Jean-Francois Dehecq and the family of former chief executive and controlling shareholder Alain Hivelin, who died in 2014.