A. SREENIVASA REDDY (ABU DHABI)
Mubadala Capital, the alternative investment arm of Mubadala Investment Company, has submitted a fully financed cash offer to acquire all outstanding securities of Pierre et Vacances S.A., the listed parent company of the Pierre & Vacances-Center Parcs Group.
Pierre & Vacances-Center Parcs Group operates a tourism network of more than 45,000 apartments, houses, and villas across 330 sites in Europe.
The board of directors of Pierre et Vacances S.A. has unanimously welcomed the binding offer, viewing it as a significant step forward after launching a strategic review in June 2025.
Shareholders could receive a total of up to €2.00 per share in cash.
The company itself will first pay all current shareholders a special distribution of €0.11 per share before the takeover offer begins. Mubadala Capital is then offering €1.79 per share during the tender offer on an ex-distribution basis.
If Mubadala Capital succeeds in acquiring enough shares to delist the company and squeeze out any remaining shareholders, it will pay an additional top-up of €0.10 per share. Together, these elements add up to the maximum value of €2.00 per share.
The offer also sets specific cash prices for shareholder warrants, creditor warrants, and certain preference shares held by management and the founder.
At the maximum offer value of €2.00 per share, the deal implies an equity valuation of approximately €924 million for Pierre & Vacances, based on the company’s disclosed ordinary share count of about 462 million.
For context, the company’s market capitalisation stood at around €850–860 million prior to the announcement, based on a recent share price of roughly €1.80–€1.85 and approximately 462 million shares outstanding.
Three major shareholders — Fidera Limited, Benefit Street Partners and Pastel Holding — who together represent 58.6% of the company’s outstanding share capital, have already expressed their support for the transaction. Nevertheless, Mubadala Capital requires firm undertakings from shareholders representing at least 80% of the share capital by July 17, 2026, before the deal can advance.
If that threshold is met, the company plans to hold a shareholder vote around September 30, 2026, to approve the special distribution. The formal voluntary tender offer is expected to be filed with French regulators in the first quarter of 2027, subject to antitrust clearances, foreign investment approvals, foreign subsidies regulation and other standard conditions.
Upon successful completion of the tender offer, Mubadala Capital intends to carry out a squeeze-out of any remaining securities and delist Pierre et Vacances S.A. from Euronext Paris, taking the group fully private. The Abu Dhabi investor has signalled its commitment to supporting CEO Franck Gervais and the management team in executing the group’s “Beyond ReInvention” strategic plan with long-term capital and operational expertise.
Antoun Ghanem, Partner at Mubadala Capital, stated: “Mubadala Capital's offer reflects its conviction in the European leisure and hospitality sector and in the long-term potential of the Group's brands. Mubadala Capital intends to support the management team led by Franck Gervais and the execution of the Group's strategic plan, providing long-term capital and operational partnership. This transaction follows Mubadala Capital's recent take-privates in North America and builds on its direct experience in European leisure.”
Georges Sampeur, Chairman of the Board of directors of Pierre et Vacances S.A., stated: “The binding and fully financed offer received from Mubadala Capital marks a decisive milestone in the strategic review launched in June 2025. Following a rigorous and competitive process, it recognises the value of our Group, the relevance of our local tourism model, and the strong growth potential of our brands. We welcome the interest of a leading investor with a global reach and a long-term perspective, who is investing first and foremost in our vision, our teams and our ability to continue growing.”
The transaction remains subject to final conditions and regulatory approvals.