The French tourism group will come under Emirati control, following the agreement concluded with Mubadala Capital, valuing Pierre & Vacances-Center Parcs at around one billion euros.
Pierre & Vacances-Center Parcs (PVCP) and the Emirati investment company Mubadala Capital (MC) declared on Monday July 20 that they had agreed on the terms of the purchase of the first by the second. The two companies “have entered into a merger agreement which defines the terms and conditions of the acquisition by MC of all of the outstanding securities” of PVCP “through a voluntary public purchase offer in cash”, according to their joint press release.
The French tourism group, founded in 1967 by Gérard Brémond, should thus come under the Emirati banner with a valuation of around one billion euros.
The offer, made public on June 22, had received the support of the board of directors and the three main shareholders of PVCP, the British funds Fidera and Benefit Street Partners (formerly Alcentra) and the French real estate investor Atream, which represent 58.6% of the capital.
However, its realization required the commitment of other shareholders to reach the milestone of 80% of the capital by July 17. This is now done, with the obtaining of contribution commitments representing 80.13% of the capital, announced the two groups.
Terms of the offer and prospects
The voluntary cash tender offer was set at 1.90 euros per Pierre & Vacances share, including an exceptional dividend of 0.11 euros. The submission of the offer, scheduled for no later than the first quarter of 2027, “remains subject to the usual regulatory approvals”.
The takeover bid was unanimously welcomed by the PVCP board of directors, the press release said. This operation comes after PVCP, which generated a turnover of nearly 2 billion euros last year and which also owns the Maeva and Adagio brands, announced in mid-2025 that it would initiate a strategic review and did not exclude that this would lead to “shareholder changes”.
“This gives us the means to continue our efforts in providing the experience that our customers expect from us, close to home and with the level of quality that they are entitled to demand,” said the general director of the PVCP group, Franck Gervais, in the press release.
The Emirati fund for its part assured: “We are investing to support the group in a new phase of development, driven by the increase in reception capacity and the continued modernization of the sites, alongside the teams who ensure their daily operation.”
