TPG Acquires Majority Stake in Cirque du Soleil
Ropes & Gray advised TPG on its agreement to acquire a majority stake in Cirque du Soleil, the world-renowned live artistic entertainment producer. Cirque du Soleil’s Founder, Guy Laliberté, will maintain a stake in the business. Fosun, a privately-owned investment group based in Shanghai, China, will acquire a minority stake in Cirque du Soleil via a fund under its management. In addition, Caisse de dépôt et placement du Québec will also acquire a minority interest in the company.
Announced April 20, financial terms of the transaction were not disclosed. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.
The Ropes & Gray team was led by private equity partner Jason Freedman (San Francisco) and included private equity partner Alfred Rose (Boston); finance partner Michael Lee (Boston); tax partner Elaine Murphy (Boston) and finance associate Kevin Jarboe (Boston); with support from corporate partner Clay Horner and competition law and foreign investment group partner Michelle Lally (both of Toronto) at Osler, Hoskin & Harcourt LLP.