Mubadala Capital has moved closer to acquiring French leisure and hospitality operator Pierre & Vacances-Center Parcs Group after signing a Tender Offer Agreement that sets out the framework for its proposed all-cash voluntary tender offer.
The agreement represents a significant milestone in the transaction first announced on June 22, with Mubadala Capital obtaining binding commitments from existing shareholders holding 80.13% of Pierre & Vacances’ outstanding share capital. The proposed deal maintains the previously announced valuation of the company at approximately €900 million ($1.1 billion).
The planned acquisition would give Mubadala Capital control of one of Europe’s largest leisure accommodation providers, strengthening its presence in the tourism and hospitality sector.
Deal Supports Next Phase of Growth Strategy
Pierre & Vacances-Center Parcs Group operates more than 45,000 apartments, holiday homes and villas across approximately 330 destinations through its four major brands: Pierre & Vacances, Center Parcs, Adagio and maeva&co.
The company welcomes nearly eight million guests every year and has undergone a transformation programme aimed at improving operational efficiency, financial performance and customer experience. Management said demand for domestic leisure travel has remained resilient, providing a strong foundation for future expansion.
Mubadala Capital’s proposed investment is expected to support further development of the group’s resorts, continued investment in employees and the next stage of its Beyond ReInvention strategy.
Board Backs Proposed Transaction
Pierre & Vacances’ Board of Directors has unanimously expressed support for the proposed acquisition, saying the transaction could benefit the company, shareholders, employees and other stakeholders.
The board’s final position remains subject to several steps, including the receipt of an independent fairness opinion, consultation with employee representatives and the issuance of a formal reasoned opinion in accordance with French takeover regulations.
The tender offer is expected to be submitted by the end of the first quarter of 2027. Completion will also depend on regulatory approvals, shareholder approval for an extraordinary distribution of €0.11 per ordinary share, and the necessary waivers under the company’s existing financing agreements.
Georges Sampeur, Chairman of Pierre & Vacances, described the agreement as an important milestone in the company’s strategic review.
“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.
Mubadala Capital Targets Long-Term Expansion
Mubadala Capital said its investment would focus on strengthening Pierre & Vacances-Center Parcs’ market position, increasing capacity, improving existing sites and supporting sustainable long-term growth.
Antoun Ghanem, Partner and Head of European Private Equity at Mubadala Capital, said the firm intends to bring its sector experience and investment capabilities to help accelerate the group’s development.
“Mubadala Capital’s investment would support continued investment in the group’s resorts, employees and the next phase of its Beyond ReInvention strategy,” said Franck Gervais, Chief Executive Officer of Pierre & Vacances.
Ghanem added that Mubadala Capital aims to help expand the company’s portfolio, enhance its destinations and create further growth opportunities, drawing on its experience in the leisure industry, including its investment in Looping Group.
The transaction marks another major move by Mubadala Capital into the European leisure and hospitality market, as investors continue to seek opportunities in tourism businesses benefiting from changing travel patterns and sustained demand for holiday experiences.