Montreal-based Cirque du Soleil has confirmed it is selling a majority stake of the entertainment company to foreign investor TPG.
Rumours of the sale have been swirling around the entertainment and business communities for several weeks.
TPG is a global private investment firm with more than $67 billion in assets. It has offices around the world, including in Toronto.
The company has helped develop well-known consumer brands such as J.Crew, Ducati and Neiman Marcus.
Cirque du Soleil founder Guy Laliberté will maintain a stake in the business, and the company says he will continue to provide strategic and creative input.
The sale of Montreal-based Cirque du Soleil means a majority of the entertainment company will be held by a foreign investment group. (Toby Melville/Reuters)
Quebec's pension fund manager, the Caisse de dépôt et placement, is acquiring a minority interest.
Financial terms of the deal were not disclosed, though some estimates put the deal at between $1.5 and $2 billion.
The deal is set to be announced at a news conference at Cirque du Soleil's Montreal headquarters starting at 11 a.m. ET.
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