Mubadala Capital, Pierre & Vacances sign tender offer agreement for $1.1bn takeover

Abu Dhabi-based Mubadala Capital and French leisure and hospitality group Pierre & Vacances have signed a Tender Offer Agreement setting the terms and conditions for Mubadala Capital's proposed acquisition of the company through an all-cash voluntary tender offer.

The agreement marks a key step in the transaction announced on June 22, with Mubadala Capital also securing commitments from existing shareholders representing 80.13% of Pierre & Vacances' outstanding share capital.

The offer remains on the same financial terms announced earlier, valuing Pierre & Vacances at approximately €900 million ($1.1 billion).

Pierre & Vacances-Center Parcs Group operates more than 45,000 apartments, houses and villas across 330 destinations under four brands—Pierre & Vacances, Center Parcs, Adagio and maeva&co—and welcomes nearly eight million guests annually. The company said its recent transformation has strengthened its operating and financial performance, while demand for domestic leisure holidays remains resilient.

A decisive step for group

Pierre & Vacances' Board of Directors has unanimously welcomed the proposed transaction. Subject to receiving a fairness opinion, employee consultation and issuing its formal reasoned opinion under French takeover rules, the board said it considers the deal to be in the interests of the company, its shareholders, employees and other stakeholders.

The tender offer is expected to be filed by the end of the first quarter of 2027. Completion remains subject to customary regulatory approvals, the board's formal opinion on the offer, shareholder approval for an extraordinary distribution of €0.11 per ordinary share, and the required waivers under the company's existing financing arrangements.

"The signing of this agreement, supported by the commitments of our main shareholders, marks a decisive step in our strategic review," said Georges Sampeur, Chairman of Pierre & Vacances.

Chief Executive Officer Franck Gervais said Mubadala Capital's investment would support continued investment in the group's resorts, employees and the next phase of its Beyond ReInvention strategy.

Antoun Ghanem, Partner and Head of European Private Equity at Mubadala Capital, said the firm plans to help expand the group's capacity, upgrade its sites and support its long-term growth, drawing on its experience in the leisure sector through its investment in Looping Group.  — TradeArabia News Service