E-Paper
Sign In
Mubadala Capital wins 80% shareholder backing for Pierre & Vacances takeover bid
Abu Dhabi fund has secured commitments from shareholders representing 80.13% of Pierre & Vacances as it advances a €1.90-per-share takeover offer
- PUBLISHED: Mon 20 Jul 2026, 10:59 AM
Mubadala Capital has moved a step closer to acquiring French holiday group Pierre & Vacances after securing commitments from shareholders representing more than 80 per cent of the company’s share capital and signing a tender offer agreement that lays out the terms of the proposed transaction.
The investment arm of Abu Dhabi sovereign investor Mubadala said the agreement covers an all-cash voluntary tender offer for all outstanding securities of the Paris-listed tourism and hospitality company on the same financial terms announced in June. Shareholders representing 80.13 per cent of Pierre & Vacances’ outstanding share capital have already committed to tender their shares, providing a strong level of support ahead of the formal offer process.
Recommended For You
Pierre & Vacances’ board has unanimously welcomed the proposal and, subject to regulatory processes, a fairness opinion and consultation with employee representative bodies, said the deal is in the interests of the company, its shareholders, employees and other stakeholders.
The offer values ordinary shares at €1.90 each, including a proposed extraordinary distribution of €0.11 per share. Shareholders would receive €1.79 per share after the distribution is paid, while an additional €0.10 per share could be paid if Mubadala reaches the threshold required to squeeze out minority shareholders and delist the company.
Filing of the offer is expected by the first quarter of 2027, subject to competition, foreign investment and foreign subsidy approvals, board approvals and shareholder consent for the proposed distribution. Completion is expected in the first half of 2027 if the statutory acceptance threshold is met.
Founded in 1967, Pierre & Vacances-Center Parcs operates more than 45,000 apartments, houses and villas across 330 destinations in Europe through brands including Pierre & Vacances, Center Parcs, Adagio and Maeva. The group welcomed nearly eight million guests and generated revenue of €1.95 billion in its 2024/25 financial year. The company has undergone a multi-year transformation that strengthened its operational and financial performance, while benefiting from resilient demand for domestic and short-haul leisure travel across Europe, according to the companies.
“This agreement marks a decisive step in our strategic review,” said Georges Sampeur, chairman of Pierre & Vacances. Chief executive Franck Gervais said the partnership would help fund investments in sites, staff and the group’s next phase of growth.
For Mubadala Capital, the deal would expand its presence in the leisure and hospitality sector following its investment in Looping Group, a European operator of regional leisure parks. Antoun Ghanem, partner and head of European private equity at Mubadala Capital, said the firm intends to support capacity expansion, site upgrades and long-term growth initiatives across the business. “We’re investing to help the Group grow from a position of strength — expanding capacity, upgrading sites, and backing the teams who run them day to day. Our investment in Looping Group gave us a close look at this sector, and were looking forward to bringing that experience to this partnership.”
Associate Editor Somshankar Bandyopadhyay brings more than three decades of experience to the KT newsroom. Currently, he manages the news production of the business section, ensuring that the top economic and business news of the day reaches its readers.