Pierre & Vacances-Center Parcs: Takeover Offer from Mubadala Capital
Water fun at Aqua Mundo in Center Parcs Les Landes de Gascogne, France.
(eap) The French tourism group Pierre & Vacances-Center Parcs could be fully acquired by Mubadala Capital. As part of a strategic review of the company launched in June 2025, the Board of Directors of Pierre et Vacances S.A. has received a fully financed and binding offer from the investment company. The offer provides for the acquisition of all outstanding securities of the company by way of a voluntary public cash tender offer.
The Board of Directors unanimously welcomed the proposed transaction at its meeting on 19 June 2026. However, the offer remains subject to conditions. Mubadala Capital must obtain undertakings from shareholders representing at least 80 percent of the outstanding share capital by 17 July 2026. Only once this condition has been met can the transaction be taken forward.
In the event of a successful completion, Mubadala Capital, or one of its affiliates, would acquire all outstanding securities of Pierre et Vacances. The plan also provides for a squeeze-out and subsequently delisting of the company, provided the relevant conditions are met. For ordinary shares, an offer of 1.90 euros per share “cum distribution” is envisaged. Including an extraordinary premium distribution of 0.11 euros per ordinary share and a possible additional payment of 0.10 euros per share in the event of a successful squeeze-out, this would result in a total value of 2.00 euros per ordinary share.
The shareholders are to decide on the extraordinary premium distribution at a special general meeting, which is expected to take place on or around 30 September 2026. The filing of the public tender offer is currently expected in the first quarter of 2027. It remains subject, among other things, to customary regulatory approvals, including antitrust clearances and reviews in connection with foreign direct investments.
“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. This backing would reinforce our strategy and strengthen our flexibility in executing our Beyond ReInvention plan. Its success now depends on the commitment of our main shareholders, each of whom, in their own way, is an essential link in making this project a reality,” explained Georges Sampeur, Chairman of the Board of Directors of Pierre et Vacances S.A.
Antoun Ghanem, Partner at Mubadala Capital, said: “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.”
Founded in 1967, the Pierre & Vacances-Center Parcs Group operates more than 45,000 apartments, houses and villas at around 330 locations in Europe under the brands Pierre & Vacances, Center Parcs, maeva and Adagio. In the 2024/2025 financial year, the Group says it welcomed almost eight million guests and generated revenue of 1,946 million euros. ■
