Mubadala Capital's Proposed Acquisition of Pierre & Vacances-Center Parcs

Pierre & Vacances-Center Parcs Comes Under Emirati Ownership

The Pierre & Vacances-Center Parcs group is set to change its controlling shareholder. On June 22, 2026, the French group announced that it had received a firm and fully funded offer from Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund. The transaction targets all outstanding shares of Pierre & Vacances S.A., the group’s parent company, through a voluntary cash tender offer. ¹

This transaction follows a strategic review initiated in June 2025. The board of directors of Pierre et Vacances unanimously welcomed the offer, subject to the continuation of the process and the issuance of its reasoned opinion following review of the independent expert’s report. The offer values the group at nearly one billion euros and could lead to its delisting from Euronext Paris. 2

From a financial standpoint, Mubadala Capital is offering 1.90 euros per common share, including the attached dividend. Following the planned payment of a special dividend of 0.11 euros per share, the corresponding price would be 1.79 euros, excluding the dividend. An additional 0.10 euros per share could also be paid if the acquirer succeeds in implementing a mandatory buyout and delisting the company. The total potential value would thus reach 2 euros per share. 1

The offer already has the support of a large portion of the shareholder base. On July 20, 2026, Pierre et Vacances and Mubadala Capital signed a merger agreement. Mubadala stated that it had secured commitment letters representing 80.13% of the outstanding share capital. Among the shareholders involved are, in particular, funds that already hold stakes in the group. This support is significant, although it does not exempt the acquirer from obtaining the necessary authorizations and approvals. 3

However, the timeline for the transaction remains open. The special dividend of 0.11 euros per share must be submitted for approval by the shareholders at an extraordinary general meeting on September 29, 2026. The formal filing of the proposed offer with the French Financial Markets Authority (AMF) is expected no later than the first quarter of 2027, subject, in particular, to obtaining regulatory approvals, the reasoned opinion of the board of directors, and the fulfillment of conditions related to the group’s financing. 4

For Pierre & Vacances-Center Parcs, the transaction marks a new phase following several years of financial restructuring and strategic repositioning. The group operates several local tourism brands, including Pierre & Vacances, Center Parcs, maeva, and Adagio. Mubadala’s entry could provide the group with the means to accelerate its investments, continue renovating its sites, and finance its international expansion. The group itself has presented the search for a new investor as a way to support its strategy and go beyond the transformation plan already underway. 5

The transaction also raises questions about the future of corporate governance and the role of an iconic French tourism player within a portfolio controlled by a Middle Eastern investor. For minority shareholders, the offer provides an opportunity for liquidity at a price higher than the market prices observed prior to the announcement of the strategic review. On the other hand, those who wish to maintain exposure to the group will need to consider the risk of delisting and the possible disappearance of the stock from the organized market. 1

At this stage, it is therefore more accurate to refer to a proposed acquisition of Pierre & Vacances-Center Parcs by Mubadala Capital rather than a completed acquisition. The next major milestone is the general meeting on September 29, 2026. The outcome of this stage, followed by the filing of the proposed offer with the AMF, will clarify the final terms of the transaction and its implementation timeline.