Guess? Inc., the Los Angeles-based fashion brand that specializes in denim, is going private in a $1.4-billion deal with Authentic Brands Group.

Under the terms of the deal, the company’s co-founders Maurice and Paul Marciano, as well as chief executive Carlos Alberini, will own 49% of its intellectual property. Authentic Brands Group will own 51%.

Shares for Guess jumped more than 25% in midday trading on Wednesday. Shareholders will receive $16.75 per share in cash as a result of the sale, a 26% premium to the stock’s closing price on Tuesday.

Current Guess management will continue to run the business and own 100% of the operating company, Guess said in a release.

“We look forward to building on the significant progress we have made to strengthen our organization,” Alberini said in a

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