Pierre & Vacances-Center Parcs signs €1bn takeover deal with Abu Dhabi's Mubadala Capital

The agreement

Pierre & Vacances-Center Parcs (PVCP) and Mubadala Capital announced on Monday 20 July that they have signed a binding agreement setting out the terms of a full cash takeover. The deal, which values the French tourism group at approximately €1 billion, follows a public offer unveiled on 22 June. At that point, the three largest shareholders (British funds Fidera and Benefit Street Partners, formerly Alcentra, and French real estate investor Atream) holding 58.6% of the capital had already pledged their support. The new agreement locks in commitments from investors representing 80.13% of the shares, crossing the 80% threshold required to launch a voluntary tender offer.

This gives us the means to continue our efforts on the experience our customers expect from us, close to home and with the level of quality they are entitled to demand.

What Mubadala brings

Mubadala Capital, the asset management arm of Abu Dhabi's sovereign wealth fund, framed the acquisition as a long-term investment in expanding capacity and modernising sites. The fund said it would work alongside the existing operational teams. The offer, unanimously approved by PVCP's board, is expected to be filed by the first quarter of 2027 at the latest, subject to standard regulatory clearances. If completed, it could lead to the company's delisting from the Paris stock exchange.

We are investing to support the group in a new phase of development, driven by increased accommodation capacity and the continued modernisation of sites, alongside the teams that run them day to day.

From near-collapse to strategic review

PVCP's path to this deal has been turbulent. Founded in 1967 and listed in 1999, the group expanded aggressively, acquiring Center Parcs in 2003. It was hit hard by the Covid-19 pandemic and came close to bankruptcy in 2022, forcing a deep restructuring. The company returned to profit in 2024 and launched a strategic review in mid-2025, openly flagging that it could lead to shareholder changes. Last year it generated nearly €2 billion in revenue, managed more than 45,000 apartments, houses and villas, and welcomed close to 8 million customers across its brands, which also include Maeva and Adagio.

What happens next

The filing of the formal offer is expected no later than the first quarter of 2027, pending regulatory approvals. Once launched, the tender offer will give remaining shareholders the opportunity to sell their shares to Mubadala Capital. If the fund secures the required level of acceptances, PVCP will be taken private and delisted, ending its quarter-century as a publicly traded company. The group operates five Center Parcs and Sunparks sites in Belgium, on the coast, in Limburg, in the Campine region and at Vielsalm in the Ardennes, and the new owner has signalled no immediate operational changes.