Fashion and lifestyle brand Guess is set to go private after signing a $1.4 billion deal with Authentic Brands Group and key shareholders, including co-founders Maurice and Paul Marciano, Nicolai Marciano, and CEO Carlos Alberini.

Under the agreement, Authentic Brands will acquire the majority (51 per cent) of Guess’ intellectual property, while the Marciano family and affiliated entities will retain 49 per cent.

Guess management will continue to run the business and own 100 per cent of the operating company.

Shareholders not part of the founding group will receive $16.75 per share in cash.

“Guess is a powerhouse brand that has defined style and culture for over 40 years,” said Jamie Salter, founder, chairman and CEO of Authentic Brands.

“We are excited to build on this legacy in partnership with the Marcianos as Guess enters its next chapter.”