Jay-Z has sold half of his Armand de Brignac champagne to Moet Hennessy Louis Vuitton

In a Twitter statement Armand de Brignac wrote: "Shawn JAY-Z Carter is pleased to announce a partnership with Moet Hennessy as they acquire a 50% stake in Armand de Brignac.

"The partnership reflects a shared vision between Moet Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison."

The star initially bought a 50% stake in the brand back in 2006, before buying the remaining half in 2014.

Jay-Z commented: "I’m proud to welcome the Arnault family into ours through this partnership that began with Alexandre Arnault and continued with his father Bernard Arnault and Philippe Schaus, at my home in Los Angeles.

"It is a partnership that has felt familiar the entire time.

"We are confident that the sheer power of the Moet Hennessy global distribution framework, its unparalleled portfolio strength and its long-established track record of excellence in developing luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even further."

Meanwhile, Moet Hennessy president and CEO Philippe Schaus revealed his company has been keeping a close eye on Jay-Z's brand.

He added: "For years we have been following the fantastic success of Armand de Brignac and admiring their ability to challenge some of the rules of the Champagne category.

"Often referred to as 'Ace of Spades', Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs.

"Today, we are incredibly proud to be partnering with them and believe that the combination of our Champagne experience and international network coupled with Shawn JAY-Z Carter’s vision, the strength of the Armand de Brignac brand and quality of its range of prestige cuvées will allow us to take the business to new heights across the world."