Lululemon Athletica founder Dennis "Chip" Wilson will sell half his stake in the maker of yoga apparel and other exercise gear as part of a truce that averts a potentially messy battle.
Under the deal announced Thursday, investment firm Advent International will pay Wilson $845 million for 20.1 million shares. That will whittle Wilson's stake in Lululemon from nearly 28 percent to just under 14 percent. Advent will get two seats on Lululemon's board.
Wilson had lashed out at Lululemon's board in June, raising the possibility of an attempt to oust some directors.
Lululemon has been trying to bounce back from a backlash triggered last year by yoga pants that were too sheer and galled many customers. Fixing the problem cost the company millions and made investors question quality control.
Original headline: Lululemon founder to sell half his stake for $845M
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