Cirque Du Soleil Sold to Private Equity Group

News   Cirque Du Soleil Sold to Private Equity Group
 
The high-flying acrobatic spectacle Cirque du Soleil has been purchased by a group of private equity investors that includes TPG and the Chinese firm Fosun, according to CNN Money.

Although the terms of the purchase were not disclosed, the New York Times reports that the company was sold for 1.5 billion Canadian dollars. The company has produced more than two dozen arena-scale circus shows, including Zarkana, Saltimbanco, Quidam, Wintuk and Michael Jackson: The Immortal World Tour, many of which went on lengthy tours; plus one Broadway-scale show, Banana Shpeel, that also toured.

Guy Laliberté, who founded the company in 1984, will maintain a stake in the company, which has presented its shows in 48 countries around the world.

The Cirque transaction is one of several aimed at the ever-increasing spending power of the middle class in China. In a statement Fosun chairman Guo Guangchang said, "We have an objective to become one of the global leaders in businesses driven by lifestyle needs, which are quickly taking root in China."

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