A group led by private equity firm TPG Capital agreed to buy Cirque du Soleil for an undisclosed sum.
The Caisse de depot et placement du Quebec and China’s Fosun International Ltd. will acquire minority stakes in the Montreal-based entertainment company, according to a statement from Cirque du Soleil and TPG on Monday. Quebec businessman Mitch Garber will be part of the investor group and become chairman of the company.
Guy Laliberté, Cirque du Soleil’s billionaire founder, will maintain a stake in the business and will continue to provide strategic and creative input for the company, the statement said.
“After 30 years building the Cirque du Soleil brand, we have now found the right partners in TPG, Fosun and the Caisse to take Cirque du Soleil forward to the next stage in its evolution as a company founded on the conviction that the arts and business, together, can contribute to making a better world,” Laliberté said in the statement.
Cirque du Soleil was founded in 1984 and is famous for its acrobatics shows and circus-like performances, including several in Las Vegas such as “O” at Bellagio Hotel & Casino and “Michael Jackson: One” at Mandalay Bay Resort and Casino. The company employs 4,000 people worldwide, according to its website.
Goldman Sachs Group Inc. was financial adviser to Cirque du Soleil and Norton Rose Fulbright acted as legal adviser. Ropes & Gray LLP and Osler Hoskin & Harcourt LLP acted as legal advisers to TPG. McCarthy Tétrault acted as legal adviser to Caisse de dépôt et placement du Québec.