Audemar Piguets watchmaking company Audemarr Piguét is buying a wide range of luxury timepieces.
The company has agreed to buy three different brands of luxury wristwatches for $3.4 billion, including watches from the French watchmaker Audemarchie, the New York Times reported on Tuesday.
The sale will allow the company to take over more than half of the luxury watch market.
The sale comes as Audemaris is struggling to find buyers after its chief executive officer, Philippe Van Damme, quit amid an investigation into the company’s work practices.
Audemaris has been a leader in the luxury market, which includes Rolex watches, but it has struggled in recent years with its own products, including a range of watches from TAG Heuer, an Italian company, and a watch that Audemirs Piguettes own.
The price of the Audemaro watches, which were launched in 2016, has soared in the past few years as sales have slowed.
It is not clear how much of the new deal is tied to the investigation.
In recent years, the French luxury watchmaker has been plagued by allegations of bribery and kickbacks, including allegations that it paid the former head of the state-owned state-run energy company to boost his earnings.
The allegations led to an investigation by French prosecutors, who closed the case in 2015.