Mubadala Capital makes EUR 1 bn Pierre & Vacances bid

Mubadala Capital is checking into European leisure. The Abu Dhabi investor has made a fully financed binding allcash offer for all outstanding securities of French tourism group Pierre & Vacances-Center Parcs, valuing the company at around EUR 1 bn, local newswire Belga News Agency reports.

What Mubadala is buying: The transaction would give Mubadala control of a portfolio spanning 330 European sites and more than 45k apartments, houses, and villas, according to a separate press release. Pierre & Vacances operates the Center Parcs, Pierre & Vacances, Maeva, and Adagio brands. It generated EUR 1.95 bn in revenue in its latest financial year.

The terms: Mubadala is offering EUR 1.90 per share, including an extraordinary EUR 0.11 distribution, with another EUR 0.10 available if it can squeeze out remaining investors and delist the company. The base offer represents a 35% premium to the unaffected share price before the group launched its strategic review last year, but only 7% over its latest closing price.

It’s not yet a given: While the board unanimously welcomed the offer after a year-long review and the company’s three largest shareholders — which collectively own 58.6% — have expressed support, Mubadala must still secure tender commitments covering at least 80% of the share capital by 17 July.

What’s next: A formal offer is expected in 1Q 2027, subject to regulatory approvals and the board’s final opinion following an independent fairness review. Mubadala plans to retain the existing management team.

Why it matters: The transaction would extend Mubadala Capital’s run of large overseas take-privates as Abu Dhabi’s sovereign funds keep deploying despite the regional backdrop. Earlier this week, Mubadala committed GBP 500 mn alongside the Abu Dhabi Investment Authority (Adia) to back EQT’s GBP 9.3 bn acquisition of Intertek, taking an 8% stake in the UK testing group.

ICYMI- Other Emirati sovereign players have also been looking to Europe’s resort scene, with Adia acquiring a significant minority stake in European Camping Group last year, building on its existing portfolio, which included a 17-hotel takeover for EUR 600 mn in Spain. Dubai-based developer Select Group also acquired three golf and country club resorts in the UK earlier this year.