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Canadian entertainment company Cirque du Soleil will sell a majority stake to private equity firm TPG Capital and Chinese firm Fosun, according to multiple media reports.

A spokesman for TPG would not comment on a possible sale and spokespeople for Cirque du Soleil and TPG did not immediately respond to requests for comment.

Co-founder Guy Laliberté told staffers in an email Thursday that the sale of the company known for its dazzling acrobatic shows is still pending approval, according to CBC News.

The controlling stake in the company is expected to sell for $1.5 billion, Reuters reported and cited “sources close to the process.” Laliberté will maintain a position in the company.

TPG Capital has shown an interest in the entertainment space in recent years, buying equity stakes in CAA and newly launched studio, STX Entertainment. Fosun Group is the primary backer behind Jeff Robinov’s new media company Studio 8.