Global private equity firm AXA Private Equity and Chinese conglomerate Fosun International announced a takeover bid for French holiday firm, Club Méditerranée. The management team of Club Méditerranée, including CEO Henri Giscard d’Estaing and deputy CEO Michel Wolfovski, is joining the buyer pair for the buyout bid.
The buyers plan to pay €17 per share, a premium of 28.4% over the volume-weighted average price of Club Méditerranée over one month. The deal values the company at €556 million.
AXA Private Equity and Fosun are already major shareholders of Club Méditerranée, together holding close to 20% of shares. The deal will move ahead if 50.1% of Club Méditerranée’s outstanding shares are tendered. Otherwise the buyers will withdraw their offer.
Club Méditerranée has two resorts in China, and has plans to open three more in the country.
Henri Giscard d’Estaing will continue to be CEO of Club Méditerranée post-deal.
With offices in Europe, the U.S. and Asia, AXA Private Equity manages and advises on US$32 billion of private equity assets.