Abu Dhabi-based investment firm Mubadala Capital has made a binding, fully financed €1 billion offer to acquire Pierre and Vacances SA, the European holiday resort operator behind the continental European Center Parcs business.

The cash offer has been unanimously recommended by the company's board, which has also entered into an exclusivity agreement with Mubadala Capital while the transaction progresses.

Mubadala is offering shareholders €1.90 per share, with the potential for an additional €0.10 per share if it secures sufficient acceptances to complete a squeeze-out following the tender offer. The offer represents a premium of around 35 per cent to Pierre & Vacances' share price before the company announced a strategic review in June 2025.

Pierre & Vacances SA operates more than 330 holiday destinations, residences, aparthotels and holiday villages across continental Europe under brands including Center Parcs, Pierre & Vacances, Adagio and Maeva. The portfolio comprises more than 45,000 apartments, houses and villas and generated revenues of almost €2bn in its latest financial year. The transaction does not include the separately owned UK Center Parcs business.

The proposed acquisition has also secured the backing of the company's three largest shareholders, which together hold 58.6 per cent of the share capital, significantly increasing the likelihood that the transaction will proceed.

The offer remains subject to a number of conditions, including shareholder support representing at least 80 per cent of the company's share capital, regulatory approvals and the launch of a formal public tender offer, which is expected during the first quarter of 2027.

If completed, the acquisition would add one of Europe's largest holiday resort operators to Mubadala Capital's growing international investment portfolio. Mubadala has previously invested in the attractions sector through its ownership of Looping Group, demonstrating its continuing interest in European leisure assets.

Mubadala Investment Company was created by the Government of Abu Dhabi to diversify the emirate's economy beyond oil.

It manages approximately US$330 billion in assets, making it one of the world's largest sovereign wealth funds.