The Vancouver-based yoga-wear company said the sale represents 13.85 per cent of Lululemon's outstanding shares, and the move is fully supported by its board of directors.
Once the deal is finalized, Wilson will own 20.1 million Lululemon shares, with Advent owning the other 20.1 million shares.
The stock purchase is expected to close within 30 to 60 days.
Wilson has been at odds with the Lululemon board during the past year. In June, he voted against two directors who were returning to the board, arguing that they didn't align with the company's "core values of product and innovation.''