Private equity firm TPG has agreed to buy a majority stake
in live-entertainment company Cirque du Soleil.
Cirque founder Guy Laliberte will keep a minority stake and
“continue to provide strategic and creative input,” according to a news release
announcing the deal. Other minority shareholders will be China-based Fosun and
Montreal-based Caisse de Depot et Placement du Quebec (CDPQ). Cirque will keep
its headquarters in Montreal.
No acquisition price was disclosed, though the agreement
values the company at about $1.5 billion, Reuters reported, citing people
familiar with the process. The deal is scheduled to close by September.
San Francisco-based TPG (formerly Texas Pacific Group) will
increase its stake in travel and entertainment companies and will lead an
effort to boost Cirque’s revenue by expanding the concept throughout China and
other parts of Asia and broadening third-party intellectual-property
agreements. Montreal businessman Mitch Garber will become Cirque’s chairman.
TPG’s travel industry holdings include Caesars Entertainment,
Sabre, Uber and XO Jet.
Cirque shows have been seen by about 160 million paying
customers. The company, which employs 4,000 people worldwide, is producing 18
shows this year.