P.M. BRIEFING : Club Med Buys Tour Operator
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PARIS — Club Mediterranee SA said today it plans to buy French tour operator Club Aquarius, creating the third-largest tour operator group in Europe.
Club Med Chairman Gilbert Trigano said the cost of the transaction was not yet clear but would be known after an audit of Club Aquarius’ assets, expected by June.
The merger would create the third-largest tour operator group in Europe after Thomson Travel Group of Britain and Germany’s TUI, Trigano said.
Club Med operates more than 90 vacation villages around the world. Club Aquarius owns 13 vacation villages in France and in the Mediterranean basin. Its main asset is Air Liberte, a charter airline with nine planes. Club Aquarius also has a sales network with 69 outlets throughout France.
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