On July 8, 2015, TPG Capital LP (TPG), a global private investment firm, acquired a majority stake in Cirque du Soleil (Cirque), Canada’s iconic entertainment company, for an undisclosed amount.
Caisse de dépôt et placement du Québec along with Fosun Capital Group, one of China’s leading privately-owned investment groups, also acquired a minority stake in Cirque. In addition, Mitch Garber, Chair of the Cirque Board, Claridge, Stephen Bronfman’s family investment arm, and Cirque President and CEO Daniel Lamarre acquired ownership stakes.
Cirque founder Guy Laliberté will keep a minority stake in Cirque and continue to provide creative and strategic direction. The entertainment company will remain headquartered in Montréal, and Daniel Lamarre will continue as President and Chief Executive Officer.
Since Cirque’s inception in 1984, its famous blue and yellow tents have attracted almost 160 million spectators in more than 330 cities in 48 countries.
Osler, Hoskin & Harcourt LLP represented TPG with a team that included Robert Yalden, Clay Horner and Christopher Main (corporate); Mark Brender and Alain Fournier (tax); Michelle Lally and Kaeleigh Kuzma (competition & antitrust and Investment Canada Act) and Etienne Massicotte (financial services).
Ropes & Gray LLP also represented TPG. Its team was led by Jason Freedman and included Alfred Rose and Natalie Logan; Michael Lee and Kevin Jarboe (finance) and Elaine Murphy (tax).
Cirque was represented in the transaction by a Norton Rose Fulbright Canada LLP team led by Eric Stevens and included Mathieu Deschamps, Michelle Felsky, Louis-Charles Filiatrault, Marly Ochmann St-Jean and Meghan Stewart (corporate); Sébastien Gingras (tax); Thierry Dorval, Richard Wagner and Kevin Ackhurst (regulatory); Stephen Kelly and Elliot Shapiro (securities); Serge Levy (banking); Miguel Manzano (real estate); Marianne Plamondon (labour and employment); Marc Tremblay (mergers and acquisitions) and Peter Wiazowski (acquisition finance).
Norton Rose Fulbright US LLP team included Roy Goldman, Merrill Kraines, Manny Rivera and Peter Riddell (corporate); Neil Sparber and Alan Aronson (labour and employment); Gerard Pecht and Mark Oakes (disputes) and Daniel Wellington, as well as Ian Giles and Amanda Town (regulatory) from the Norton Rose Fulbright LLP’s London office.
The Caisse in-house counsels Marie Giguère and Sophie Lussier were assisted by a McCarthy Tétrault LLP team headed by Patrick Boucher, assisted by Michèle Lefaivre; Oliver Borgers and Dominic Thérien (competition and antitrust); Mathieu Dubord (financial services) and Frédéric Harvey, Christian Meighen and Marie-Soleil Landry (tax).
Fosun was advised by a Paul Hastings LLP team that included David Wang and Jia Yan in Shanghai, David Hernand, Tiffany Lee, Vinnie Buehler, Ting Wang and Lily Zhang.