The Canadian government has approved the sale of Cirque du Soleil to a group headed by a U.S. private equity firm and its Chinese partners.
Industry Minister James Moore said Tuesday the application to acquire the famed circus troupe was deemed an overall economic benefit for Canada.
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The buyers have committed to maintain the Cirque's strategic decision-making and creative and artistic development at its Montreal headquarters.
It is known for its cutting-edge shows that feature aerialists, acrobats and contortionists. Founder Guy Laliberte announced in April that he was selling a majority stake for an undisclosed price.
TPG is acquiring a 60 percent stake, Chinese investment firm Fosun will own a 20 percent stake and Quebec pension fund manager the Caisse de depot another 10 percent. Laliberte maintains 10 percent.