Cleary Gottlieb acted as U.S. counsel for Istithmar World in its acquisition, in partnership with Nakheel, of a 20% stake in Quebec-based Cirque du Soleil. Under the terms of the agreement, which was announced August 6, the remainder of the business will continue to be owned by Cirque du Soleil’s founder, Guy Laliberté, and his team.
Cirque du Soleil has annual sales of more than $700 million and attracts nearly ten million visitors a year, making it one of the world’s largest entertainment businesses.
Istithmar is a private equity and alternative investment house headquartered in Dubai, the United Arab Emirates. Established in 2003, it is 100% owned by Dubai World, which is wholly owned by the Government of Dubai. Since its inception, Istithmar has invested in over 30 companies in three sectors: consumer, industrial and financial services.
Nakheel, a Dubai World company, is one of the world’s largest and most innovative real estate developers
