Monday June 9, 07:21 AM
Club Med to sell Jet Tours to Thomas Cook; 80 pct in Club Med Gym
PARIS (Thomson Financial) - Holiday village operator Club Mediterranee (CLMDY.PK - news) said it plans to sell its Jet Tours unit
to Thomas Cook Group PLC for 70 million euros and to sell 80 percent in its Club Med Gym business to private equity fund 21 Central Partners in a deal valuing the operation at 74 million euros.
Club Med (Paris: FR0000121568 - news) expects nearly 100 million euros in proceeds from the deals, which will enable the company to focus its resources on its goal of being the worldwide specialist in all-inclusive, upmarket, friendly, multicultural vacations, it said.
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