TPG in its submission of a stalking horse bid for Cirque du Soleil’s assets in partnership with Fosun, Caisse de dépôt et placement du Québec and Investissement Québec






Insolvency and Restructuring

Date Closed

July 2020


Private Equity

Lead Office



On June 29, 2020, TPG, Fosun and Caisse de dépôt et placement du Québec (the Consortium) announced they have partnered with Investissement Québec and submitted a fully committed, fully financed “stalking horse bid” proposal to acquire substantially all of the assets of Cirque du Soleil Entertainment Group. Pending approval from the Superior Court of Quebec, the Consortium is expected to serve as the primary bidder in Cirque du Soleil’s Court-supervised restructuring and concurrent Sale and Investment Solicitation Process.

The “stalking horse bid” agreement will provide Cirque du Soleil with capital and resources to stabilize and rebuild its business for the future, including the injection of US$300 million of new liquidity into the restructured business, which shall be used, among other things, to provide dedicated relief for affected employees and contractors, as well as specific commitments toward preserving the brand's Québec heritage. As part of the agreement, Investissement Québec will provide US$200 million in debt financing to support the proposed acquisition.

Cirque du Soleil is a Montréal-based entertainment company and the largest contemporary circus producer in the world. Founded in 1984, Cirque du Soleil has seen over 180 million spectators and presented productions in 450 cities in 60 countries.

TPG is a US-based global private investment firm specializing in growth capital, venture capital, public equity, and debt investments. TPG, Fosun and Cassie de depot et placement du Quebec have been part of Cirque du Soleil’s ownership group since 2015.

Osler, Hoskin & Harcourt LLP is advising TPG with a team consisting of Sandra Abitan, Marc Wasserman, Martino Calvaruso (Insolvency and Restructuring), Shahir Guindi, Hugo-Pierre Gagnon, John Groenewegen, Sophie Amyot, Matt Oliver (Corporate), Mark Brender (Taxation), Etienne Massicotte (Financial Services), Julien Ranger (Labour & Employment; Pension & Benefits) and Caroline Stephens (Real Estate).