Canada on Tuesday approved the sale of the government-owned Cirque du Soleil to a U.S. investment fund and its Chinese partners, according to officials. American private equity firm TPG and China's Fosun bought the Quebec circus juggernaut for an undisclosed sum in April as the carnival looks to expand in Asia. Canadian Industry Minister James Moore said the sale will benefit the country economically, and stressed that Canadians would remain in key positions within the company. TPG, which has also invested in ride-share firm Uber and Caesars Palace casino in Las Vegas, Nevada, acquired 60 percent of the firm valued at $1.5 billion. TPG will "ensure that at least 70 percent of Cirque's senior management in Canada is Canadian," the statement said. It also said the company will "maintain significant Canadian presence on the leadership team of Cirque du Soleil and on its board of directors." China's Fosun Capital will own approximately 20 percent of the company. The circus troupe's founder, Guy Laliberte, is retaining a 10 percent stake of the Montreal-based company he started in 1984, and will continue providing strategic and creative guidance. Since its inception, Cirque du Soleil has thrilled more than 155 million spectators in over 330 cities in more than 40 countries.
