MONTREAL, Canada (CelebrityAccess) — Cirque du Soleil, one of the largest theatrical production companies in the world, is reportedly in late stage negotiations to sell a majority stake in the company to a consortium of private equity firms.
According to Reuters, two private equity groups are looking at the deal, including a partnership consisting of CVC Capital Partners Ltd and Providence Equity LLC, as well as a tie up between TPG Capital LP and China's Fosun International Ltd.
However, sources close to the negotiation said that price has becoming a sticking point, with the consortiums offering $1.5 billion while Cirque owner and founder Guy Laliberté believes the company to be worth more.
"As it stands today, the process is still ongoing and Guy Laliberté is still reviewing his options," a Cirque du Soleil spokeswoman told Reuters.
Sky News reported that Live Nation, AEG and IMG were also considering making bids on the company.
Established by street performers in Quebec in 1984, Cirque du Soleil has grown into an entertainment giant, with multiple major productions offering what it describes as "a dramatic mix of circus art and street performance". – Staff Writers