American private equity firm TPG Capital and China's Fosun will buy majority shares in Cirque du Soleil, but co-founder Guy Laliberté is expected to retain a 10 per cent stake.
Laliberté founded Cirque du Soleil with Gilles Ste-Croix and Daniel Gauthier in 1984.
Rumours that Quebec pension fund manager Caisse de dépôt has a hand in the sale have not yet been confirmed.
Three weeks ago, Quebec Premier Philippe Couillard made a personal appeal to Laliberté, asking him to keep the company in the province.
"I want to tell him that for Quebecers, for the government and for all political parties represented here, it is very important not only that the headquarters remain in Montreal, but that the creative activities should also remain in Montreal," Couillard said on March 26.
Cirque du Soleil is expected to make an official announcement in the coming days.