Club Med to be acquired by investors
May 28 , 2013
French holiday firm Club Med is to be taken over by two of its shareholders, according to media reports on Monday.
AXA Private Equity and China's Fosun are behind the deal, which values the company at $700 million.
Club Med shares were up by 23 percent following the announcement of the offer.
Club Med established its reputation as an all-inclusive holiday resort in the 1950s and 1960s.
However, in recent years it has struggled due to the economic slowdown in Europe.
According to industry analysts, the bid is likely to see the company shift its focus towards Asian markets.
Club Med operates around 70 resorts across the globe.