Pierre & Vacances-Center Parcs: Mubadala Capital Offers Up to €2.00 per Share
On Monday, the board of directors of Pierre & Vacances-Center Parcs received a firm and fully financed offer from Mubadala Capital, the alternative asset management subsidiary of Mubadala Investment Company, to acquire all the outstanding shares of the local tourism group.
The firm offer includes a valuation of €1.90 per ordinary share with coupon attached and €1.79 per share with coupon detached, increased by an additional €0.10 per ordinary share if Mubadala Capital implements a compulsory withdrawal of all outstanding shares and proceeds to delist the company following the offer. An extraordinary distribution of bonus premiums of €0.11 per ordinary share is also contemplated, making a total potential value of €2.00 per share. This premium will be subject to shareholder approval at an extraordinary general meeting scheduled around September 30, 2026. The offer also includes compensation elements for other instruments: €0.04 per Shareholder Warrant (increased by €0.02 in the event of compulsory withdrawal) and €0.12 per Creditor Warrant (increased by €0.04 under the same conditions); €39,730.62 per MIP preference share (increased by €2,091.09 in the event of compulsory withdrawal) and €190,000.00 per ADP GB Tranche 2 preference share (increased by €10,000.00).
Board Unanimously in Favor, 80% Capital Requirement
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The board of directors, convened on June 19, 2026, unanimously welcomed the proposed transaction, without prejudice to the reasoned opinion it will issue in the context of the public offer. However, the completion of the transaction remains conditional upon Mubadala Capital securing, by July 17, 2026, commitments to contribute representing at least 80% of the company's outstanding share capital. Representatives from Fidera Limited, Benefit Street Partners, and Pastel Holding, major shareholders representing 58.6% of the capital, have expressed their support for the transaction.
Public Offer Submission Scheduled for the First Quarter of 2027
The submission of the public offer is scheduled for the first quarter of 2027, subject to the satisfaction of customary conditions including regulatory approvals regarding merger control, foreign subsidy regulations, and foreign investment controls in the jurisdictions where the Group operates. An ad hoc committee composed of independent members has been established in accordance with the provisions of the AMF General Regulation, chaired by Georges Sampeur. Finexsi, represented by Olivier Peronnet and Errick Uzzan, has been appointed as the independent expert to deliver a report including a fairness opinion on the financial terms of the public offer.
SectorLoisirs / sport · Groupes hôteliers · Plateformes de voyage›Hôtels et Motels
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Context
Period
Period: 2024-2025
Guidance from the release
L’exercice 2025 confirme la solidité du modèle économique du Groupe et, avec près de 2 milliards d’euros de chiffre d’affaires et un EBITDA qui dépasse 180 millions d’euros, nous confirmons notre capacité à générer une croissance profitable.
Performances 2025 en progression (CA économique 1 946,2 M€, EBITDA ajusté 181,1 M€). Réservations 1er semestre 2025/2026 en forte hausse. Objectif stratégique confirmé : EBITDA ajusté 270 millions d’euros à horizon 2030.
Risks mentioned
Impact opérationnel de fermetures temporaires (ex. Domaine des Hauts de Bruyères) sur la marge
Incidence négative importante de la norme IFRS 16 sur les fonds propres en normes IFRS
Exposition à l’inflation et variation des coûts (même si compensée par économies)
Risque lié à l’évolution capitalistique et besoin de financements complémentaires
Opportunities identified
Objectif stratégique d’EBITDA ajusté 270 millions d’euros à horizon 2030
Poursuite de la premiumisation des offres et hausse des prix moyens
Développement international (ouverture Scandinavie, extension en Espagne, partenariats en Suisse)
Leviers identifiés de croissance externe et initiatives digitales/IA (30 M€ d’EBITDA potentiels à horizon 2030 sous conditions)
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
