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Simply earlier than the COVID-19 pandemic, the Caisse de dépôt et placement du Québec paid US$75 million to purchase again billionaire Man Laliberté’s remaining 10-per-cent stake in Cirque du Soleil, which put itself into creditor protection just a few months later.
The brand new president of the general public pension fund supervisor, Charles Emond, revealed the worth of the transaction Monday to a Nationwide Meeting committee listening to.
The Caisse wrote off its investments within the leisure firm, which it evaluated at US$170 million. It had purchased 10 per cent of the corporate in 2015 when Laliberté selected to promote his majority stake to a trio of buyers that additionally included TPG Capital and Chinese language firm Fosun.
Emond justified the acquisition to opposition MNAs, saying the transaction occurred earlier than the pandemic and was rigorously thought out.
A gaggle of the Cirque’s secured collectors, led by Toronto’s Catalyst Capital Group, is within the means of taking management of the corporate. Final month, its supply evaluated at greater than US$1.2 billion was accepted as a stalking horse bid by the courtroom.
events have till the top of the day Tuesday to make a rival supply, whose worth should be at the least US$1.5 million above the deal reached with collectors.