DLA Piper and Weil, Gotshal & Manges are representing Chinese conglomerate Fosun International Ltd. and Paris-based AXA Private Equity on their joint $735 million bid to buy out French resort operator Club Méditerranée.

 
If the deal goes through, Fosun and AXA will each own 46 percent in Club Med, with Club Med’s management holding the remaining 8 percent stake.
 
Both bidders are already major shareholders in Club Med with a collective 20 percent stake. The bid will be scrapped if Fosun and AXA both fail to secure at least a 50.1 percent interest via the offer.
 
Club Med operates around 60 "village" resorts worldwide. The company has been seeking to tap the Chinese tourism market and diversify its business away from its traditional European client base, which has curtailed vacation spending in the face of weak economies at home.
 
The deal would be Shanghai-based Fosun’s largest investment in Europe so far.
 
The privately-held company, which has mining, pharmaceuticals, real estate, and retail interests in China, made its first foray into Europe in 2010 when it acquired a 7 percent stake in Club Med.
 
DLA Piper Paris partner Jeremy Scemama is leading the firm’s team advising Fosun, which also includes Palo Alto partner Paul Chen. Earlier this year, the firm also advised Fosun on a $550 million investment in Asia-focused Peak Reinsurance Holdings Ltd.
 
Weil Gotshal Paris partners David Aknin, Emmanuelle Henry, and Agathe Soilleux are acting for AXA. Last year, the firm also advised AXA as a financial backer of a $1.1 billion management buyout of French industrial engineering company Fives Group.
 
Paris-based law firm Darrois Villey Maillot Brochier is acting for Club Med.
 
Email: jseah@alm.com.