Pierre et Vacances and Mubadala Capital Sign Tender Offer Agreement

(eap) The planned takeover of the Pierre et Vacances-Center Parcs Group by Mubadala Capital has taken a significant step forward. After the Emirati investment company submitted a fully financed and binding offer in June 2026, the two parties have now signed a formal tender offer agreement. It sets out the terms for the planned acquisition of all outstanding securities through a voluntary public cash offer. The financial terms remain unchanged from those originally announced.

A key condition for the takeover has now been met: Mubadala Capital has received binding tender commitments from shareholders representing a combined 80.13 per cent of the outstanding share capital. This means that the minimum threshold of 80 per cent, originally required by 17 July 2026, has been narrowly exceeded. The supporting shareholders include Fidera Limited, Benefit Street Partners, Pastel Holding and Pristine.

At its meeting on 17 July, the Board of Directors of Pierre et Vacances once again unanimously welcomed the offer. However, its final reasoned opinion is still pending. This will be based on an independent valuation report and the opinions of the relevant employee representative bodies. Consultancy firm Finexsi has been appointed as independent expert to assess the financial fairness of the offer.

The formal filing of the takeover offer with the French financial markets authority AMF is expected no later than the first quarter of 2027. Completion of the public offer is scheduled for the first half of 2027. From a legal perspective, the offer is subject to a minimum acceptance threshold of 50 per cent of the share capital or voting rights. As binding commitments covering more than 80 per cent of the capital are already in place, this requirement currently appears largely secured.

Following a successful takeover, Mubadal Capital intends to work closely with the Group’s management and employees and support the continued implementation of the “Beyond ReInvention” strategic plan. The focus will be on modernising existing holiday resorts, expanding capacity, investing in the guest offering and further growing the Group across Europe. Mubadala Capital also points to the experience it has gained in the European leisure industry through its former investment in the Looping Group (today: Looping Experiences). ■