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Permira private equity fund buys controlling stake in Valentino fashion group

European private equity fund Permira on Wednesday took a 29.6-percent controlling stake in the Valentino Fashion Group, beating a rival bid by U.S.-based Carlyle group.

The deal values the fashion group, whose designs have been popular with the jet-set and glitterati for more than four decades, at EURO 2.6 billion (US$3.52 billion).

Permira said it will pay EORO 782.6 million (US$1.06 billion) to buy a controlling stake in Valentino from an investment vehicle controlled by members of the textile-making Marzotto family.