Mubadala checks another box on its Pierre & Vacances buyout

Mubadala Capital and Pierre & Vacances signed the tender offer agreement setting final terms for the Abu Dhabi investor’s takeover of the French leisure group, according to a press release. Mubadala has now locked in commitments from shareholders representing 80.13% of the company’s outstanding share capital, while the board has already given its unanimous approval, pending its formal reasoned opinion once an independent fairness review and works councils weigh in.

Who’s in? Fidera Limited (which has a 26.72% stake in the firm), Benefit Street Partners (24.96%), Pastel Holding (8.60%), and Pristine, the state-linked lender trustee (11.49%).

The terms haven’t changed: The sovereign investor is offering EUR 1.90 per ordinary share in banknotes, with a further EUR 0.10 top-up available if Mubadala reaches 90% and delists the company — valuing Pierre & Vacances-Center Parcs at roughly EUR 900 mn (c. USD 1.1 bn).

What’s next: Filing of the formal tender offer is still expected by 1Q 2027, pending regulatory clearances, the board’s final reasoned opinion, and shareholder vote on the EUR 0.11 extraordinary distribution built into the offer at an EGM slated for 30 September. Closing is now targeted for 1H 2027.

ADVISORS- PJT Partners is serving as sole financial advisor to Mubadala on the acquisition, while Cleary Gottlieb Steen & Hamilton and Freshfields are providing counsel. Crédit Agricole Corporate and Investment Bank, Natixis, and Société Générale are acting as presenting banks.

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