PHOTO
Abu Dhabi’s Mubadala Capital has submitted a binding cash offer to acquire Pierre et Vacances S.A., for approximately €900million ($1 billion).
Mubadala is offering €1.90 per share, with the possibility of top-up of €0.10 per share if it manages a squeeze-out of all shareholders and delist from the Euronext Paris exchange, the French company said in a statement.
The board of Pierre & Vacances-Center Parcs has unanimously welcomed the proposed transaction at a meeting held on June 19, 2026. Directors representing major shareholders Fidera Limited, Benefit Street Partners and Pastel Holding, together holding 58.6% of the company’s share capital, also expressed support for the proposed transaction.
Mubadala Capital, the alternative asset management arm of Mubadala Investment Company must obtain commitments by July 17, 2026, from at least 80% of the shareholders for the transaction to proceed.
The UAE asset manager's bid signals growing investor interest in European leisure and tourism assets amid recovery in travel demand. "This transaction follows Mubadala Capital's recent take-privates in North America and builds on its direct experience in European leisure,” said Antoun Ghanem, Partner at Mubadala Capital.
For Pierre & Vacances-Center Parcs’, the proposed acquisition forms broader strategic review aimed at strengthening its capital base and advancing long-term growth.
(Writing by Brinda Darasha; editing by Daniel Luiz)
