04/20/2015 10:54 EDT | Updated 07/10/2015 09:59 EDT

Cirque du Soleil sale finalized

Montreal-based Cirque du Soleil has confirmed it is selling a majority stake of the entertainment company to foreign investor TPG.

Rumours of the sale have been swirling around the entertainment and business communities for several weeks.

PG is a global private investment firm with more than $67 billion in assets. It has offices around the world, including in Toronto.

The company has helped develop well-known consumer brands such as J.Crew, Ducati and Neiman Marcus.

Cirque du Soleil founder Guy Laliberté will maintain a stake in the business, and the company says he will continue to provide strategic and creative input.

Quebec's pension fund manager, the Caisse de dépôt et placement, is acquiring a minority interest.

Financial terms of the deal were not disclosed, though some estimates put the deal at between $1.5 and $2 billion.