Eurazeo SA said it entered exclusive talks to acquire fellow French private equity firm IDInvest Partners SA.

Following the planned deal, Eurazeo would hold about 70% of Idinvest alongside the latter's management team. Idinvest's independent management organization would remain in place with the same team responsible for operations, Eurazeo added.

Eurazeo was earlier reported to be in exclusive negotiations to acquire a controlling 51% stake in Idinvest from majority shareholder IDI.

Idinvest, founded under the name AGF Private Equity in 1997 and a part of Allianz Group until 2010, manages nearly €7 billion for insurance companies and institutional investors, as well as on behalf of 80,000 private individuals. Eurazeo has about €8 billion of AUM.