A Chinese company has acquired a stake in Canada’s Cirque du Soleil.
Fosun Capital Group, which recently acquired Club Med, has purchased a majority stake in the global circus company, in partnership with TPG Capital, a US-based private equity fund. Terms of the deal were not disclosed, but Xinhua reports that it could amount to CAD1.3 billion (US$1.06bn).
“After 30 years building the Cirque du Soleil brand, we have now found the right partners… 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,” Guy Laliberte, founder of Cirque du Soleil, said in a statement.
Laliberte added that he will “maintain a stake in the business and will continue to offer strategic and creative input”.
The new partners said they intend to launch an office in China, with a view to expanding the brand in China and Southeast Asia. The deal marks the second major acquisition in the travel and leisure sectors for Fosun in 2015, following its earlier deal for Club Med.
Specialising in spectacular acrobatics, Cirque du Soleil has been performed in 330 cities in 48 countries across the world since it launched in 1984.