DLA Piper and Weil Gotshal & Manges have secured advisory roles on a deal that could see Chinese conglomerate Fosun International and Paris-based AXA Private Equity buy French resort operator Club Mediterranee for a reported €556m (£473m).

The deal, should it go ahead, would see Fosun and AXA each owning a 46% stake in Club Med, with the remaining 8% of shares to be held by the resort group's management team. The two investors currently own 20% between them. 

DLA Piper is advising China's Fosun, with Paris-based corporate partner Jeremy Scemama leading a team that also includes Palo Alto-based M&A partner Paul Chen.

AXA has turned to a corporate team from Weil's Paris office including partners David Aknin, Emmanuelle Henry and Agathe Soilleux. 

Club Med is being advised by French firm Darrois Villey Maillot Brochier.

Club Med, which operates roughly 80 resorts worldwide, has been looking to expand beyond its traditional European client base, which has been hit by the eurozone crisis, and tap into the Asian markets. It reportedly wants China to become its second biggest market after France. 

If the deal goes ahead it will represent Fosun's largest investment in Europe to date.