Paul Hastings, Norton Rose Fulbright and Ropes & Gray have scored key advisory roles in the Canadian circus Cirque du Soleil’s sale to a consortium of investors led by U.S private equity firm TPG Capital.

Cirque du Soleil was founded in 1984 and gained its fame through its acrobatics shows and circus-like performances, such as the “O” show in Las Vegas.

TPG will own 60 percent after the deal, while a unit of Chinese conglomerate Fosun International Ltd will have a 20 percent stake. Canada's second-largest pension fund, Caisse de dépôt et placement du Québec, will hold a 10 percent stake, while the family trust of Guy Laliberte, the founder of Cirque du Soleil will keep the remaining 10 percent.

A Paul Hastings team led by M&A partners David Hernand, Jia Yan and David Wang, and IP licensing partner Tiffany Lee, is advising Fosun International on the deal.

Ropes & Gray is representing TPG, led by the San Francisco based private equity partner Jason Freedman and Boston based partner Alfred Rose. Norton Rose Fulbright is advising the owners of Cirque Du Soleil.

Laliberte, who previously owned 90 percent of Cirque, said he decided to sell control of his circus after consulting with his five children and concluding that none of them wanted to take on the family enterprise.

"I truly don't believe in second-generation enterprise," he added. "They (my children) have their own passion. And as a father I want to be able to support their passion."