Cirque du Soleil founder Guy Laliberte has sold the majority stake of his billion-dollar business to U.S. private equity firm TPG, according to multiple reports. The 55-year-old will maintain an undeclared stake of the company, however, and its headquarters will remain in Montreal.
Laliberte will see two other Quebec natives also take a share of Cirque du Soleil, including businessman Mitch Garber. Garber will now become the chairman of the company that has an estimated value of $1.5 billion.
The Fosun Capital Group based in China has also invested in the company. It will hope to expand Cirque du Soleil’s reach into China and make performances there in the coming years.