Fosun, Ardian clinch Club Med deal

The value of the company has nearly doubled in the time it has taken to finalise the acquisition.

Ardian and Fosun have bought the business via the Gaillon Invest II vehicle. The consortium has acquired a far larger stake than originally anticipated, at 92.8%. Ardian, however, has only taken a 5.8% stake, despite earlier plans to secure a more significant share.

Fosun's bitter rival in the bidding war, the Investindustrial-backed Global Resorts vehicle, withdrew last month despite having received the support of KKR for its take-private proposal in November last year.

The Ardian/Fosun consortium actually withdrew from the race in August last year, but made one last-ditch attempt in September. To read unquote's coverage of the Club Med saga up to that point, please click here.

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