Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

EDITORIAL: Club Med Buys Agency

PARIS -- Holiday resort group Club Med said Wednesday it was buying French travel firm Jet Tours for 485 million francs ($77 million) to boost its market position and spur growth.

The pioneer of fun-in-the-sun vacation villages said the deal would boost its turnover to more than 10 billion francs, from 8.38 billion in 1997-98. It would start to increase earnings per share from 2000, with significant gains from 2001.

Analysts were mostly positive on the acquisition, saying Club Med expected it to add 5 percent to 10 percent to 2001 share earnings.