The Canadian government has approved the sale of Cirque du Soleil to a consortium led by US-based investment firm TPG Capital for a fee thought to be around US$1.5bn (€1.37bn £972m).

TPG Capital will be the majority shareholder in the sale of the entertainment brand, with Chinese partner Fosun taking a further 20 per cent share. The remaining share allocation will be divided between Cirque du Soleil founder Guy Laliberte and Quebec-based pension fund Caisse de depot at 10 per cent each.

According to Canada’s industry minister, James Moore, the sale of the government-owned attraction will benefit the country economically, with part of the deal also confirming that Canadians will retain key positions within the company.

A statement from TPG Capital said the company would “ensure that at least 70 per cent of Cirque's senior management in Canada is Canadian, maintain significant Canadian presence on the leadership team of Cirque du Soleil and on its board of directors.”

Over the 30 years Cirque du Soleil has existed, the brand has, welcomed more than 155 million spectators in 330 cities and 40 different countries. In recent times the brand has struggled financially, and in 2006 began efforts to attract a new partner. More recently, the brand has announced plans for a major theme park in Mexico, partnered with PortAventura in Spain and unveiled a multi-sensory gastronomic concept in Ibiza.