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.

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