Investindustrial ups Club Med bid, now backed by KKR

Following the Ardian/Fosun consortium's withdrawal from the bidding race in August and subsequent last-ditch attempt in September, Global Resorts has come back with a revised bid of €23 per share for Club Med.

Ardian/Fosun re-entered the running in September with an increased bid of €22 per share and €23.23 per convertible bond, outbidding Global Resorts by 4.8% and 3.7% respectively at the time. Global Resorts' new offer values Club Med at €874m after fees, and €914m in total.

According to Global Resorts, several investors are hoping to become minority stakeholders in Club Med as part of Investindustrial's deal, including KKR. Should the vehicle's new offer be successful, Global Resorts and minority shareholders will collectively own 91.5% of Club Med, while the balance will be held through the investment vehicle by strategic investors.

Global Resorts plans on financing its offer through €644m in equity (including that supplied by the minority and strategic investors) and €270m in debt provided by Banca IMI and UniCredit Bank.

The still-ongoing battle for Club Med has already spanned over the course of well over a year and a half, with Ardian/Fosun's initial bid announcement taking place in May last year. Click here to read an overview of unquote" coverage on the Club Med saga.

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• Topics
• France
• Buyouts
• Ardian (formerly Axa PE)
• KKR
• France