Ivan Glasenberg is nearing a deal to buy storied Italian bicycle maker Cicli Pinarello Srl, according to people familiar with the situation.

The deal is not complete yet but terms have been broadly agreed upon between the company and Glasenberg, the former Chief Executive Officer of commodities trader Glencore Plc, the people said, asking not to be named discussing private information.

Glasenberg’s net worth is $7.8 billion, according to Bloomberg’s Billionaires Index. Investment fund L Catterton, backed by French luxury group LVMH Moet Hennessy Louis Vuitton SE, bought a majority stake in Pinarello in 2016.

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Ivan Glasenberg declined to comment. Representatives for L Catterton and Pinarello also declined to comment.

Headquartered on the outskirts of Treviso, Italy, Giovanni Pinarello’s eponymous company began producing high-end bikes in the early 1950s.

Pinarello, a favorite of hard-core cycling enthusiasts, has scored an impressive range of titles over the years, from Olympic gold medals to prestigious stage races.

Riders including Spain’s Miguel Indurain and Britain’s Bradley Wiggins and Chris Froome have won the Tour de France riding Pinarellos.

Italian newspaper Il Messaggero previously reported that Glasenberg was in pole position to buy the bike maker.

--With assistance from Jack Farchy and Luca Casiraghi.