July 21 - Private equity and real estate group Blackstone is close to buying German outdoor clothing brand Jack Wolfskin and a deal is likely to be announced as early as Thursday, a source familiar with the situation said.

Store in Antwerp, Belgium - Photo: Jack Wolfskin GmbH & KGaA

The Financial Times earlier reported timing of the deal which the paper said would be for 700 million euros ($993.9 million).

Blackstone has been in exclusive talks to buy the brand, owned by Quadriga Capital and Barclays Private Equity.

Quadringa Capital said in a statement in June that all parties were aiming to conclude negotiations in the third quarter of 2011 and that the new owners would drive international expansion of the brand.

A source told Reuters at the time that Blackstone was willing to pay more than 700 million euros ($1 billion) for the brand, whose rivals in the fast growing market for outdoor clothing and equipment include VF Corp-owned The North Face.

Blackstone declined comment. Jack Wolfskin was not immediately available for comment.

The Financial Times also said the deal would see Jack Wolfskin's chief executive and co-founder Manfred Hell leave the board, while former Puma executive Andreas Klotz will join as chief financial officer to replace Christian Brandt, who will be chief operating officer.

(Reporting by Brenda Goh in London and Megan Davies in New York; Editing by Lisa Shumaker and Carol Bishopric)