Online Gambling Veteran To Head Cirque du Soleil

Cirque du Soleil has nothing to do with gambling, at least as of now. It is the largest theatrical producer in the world with its headquarters in Quebec in Montreal. The ownership is undergoing a change and the incoming chairman of Cirque du Soleil is slated to be Mitch Garber. Garber is a veteran in the online gambling industry and is currently CEO of Caesars Interactive Entertainment. Hence the entertainment company may have online gambling plans in the future.

There is no official intimation of the value paid for the change in ownership. The worth of Cirque du Soleil has been estimated at $1.5 billion. The entertainment company generates revenues of $1 billion annually. What is known that a consortium of investors led by TPG has agreed to buy the controlling interest in the company from founder Guy Laliberte. TPG is a Texas-based private equity group. Commenting on the deal, the Wall Street Journal reported the other investors were a group from China.

Some details are available about the ultimate shareholding pattern. TPG will be the main shareholder with a stake of 60% percent. The Chinese conglomerate headed by Shanghai’s Fosun International Ltd will have a 20% stake. Canada's second-largest pension fund, Caisse de dépôt et placement du Québec, will hold a 10% stake, keeping alive the Canadian connection. The Laliberte family trust will keep the remaining 10%. Laliberte, who currently is a 90% shareholder, released this information. A tidbit not directly connected with the deal is that Fosun recently acquired the French holiday group Club Med and also bought a 5% stake in British travel group Thomas Cook.

A spokesperson of Cirque du Soleil confirmed that the founder Guy Laliberte will act as creative adviser to the company. It was also confirmed that the company will maintain its headquarters in Montreal and to that extent will remain essentially Canadian. A Reuters report states that the new partners have plans to take the circus troupe to New York and London. The Chinese content in the new ownership also indicates a push into China.

Garber’s induction may not have anything to do with online gambling. He is a Quebec man and that could be the reason for his becoming the chairman of the company. Garber said, “The DNA of the company is in its Quebec-based creativity. There is nowhere else you can have the creativity that has nurtured all of the shows and all of the revenue that comes from here.”

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