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(Bloomberg) -- An investor group including CVC Capital Partners, General Atlantic, HPS Investment Partners and Leonard Green & Partners is in talks to buy BlackRock Inc.’s equity stake in Authentic Brands Group, according to people with knowledge of the matter.

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The firms — all existing investors in Authentic Brands Group — are discussing terms that could value the stake at $3 billion or more, said the people, who asked not to be identified discussing confidential information. BlackRock’s Long-Term Private Capital Fund paid $875 million for the stake in 2019. A transaction hasn’t been finalized yet and the terms could still change, some of the people cautioned.

Leonard Green was among investors that in 2010 helped launch Authentic Brands Group, which owns a slew of brands including Forever 21, Herve Leger, Hunter, Reebok, Sperry and Ted Baker. CVC and HPS invested in the company in 2022. The following year, General Atlantic increased its stake in a deal valuing Authentic Brands at more than $20 billion including debt.

Representatives for Authentic Brands Group and HPS didn’t immediately respond to requests for comment. Spokespeople for BlackRock, CVC, General Atlantic and Leonard Green declined to comment.

Authentic Brands is led by founder Jamie Salter, who is chief executive officer and chairman.

BlackRock in November told staff that it decided to wind down its Long-Term Private Capital effort, and that it would return capital to investors. In December, the investment firm agreed to buy HPS in an all-stock deal valued at about $12 billion.

--With assistance from Silla Brush.

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