Pierre & Vacances: Pristine Commits to Contributing 11.5% of Capital to Mubadala's Takeover Bid
Pristine, managing 11.5% of the capital of Pierre & Vacances-Center Parcs as a trustee, has signed a commitment to contribute to Mubadala Capital's public takeover offer, enhancing the likelihood of meeting the required 80% acceptance condition.
A Key Commitment for the 80% Condition
Pristine, managing 11.5% of the capital of Pierre & Vacances S.A. as a trustee on behalf of the state and former lending institutions, signed a contribution commitment on July 7, 2026, to the planned public offer. This commitment covers all the shares managed by Pristine, representing an 11.5% stake in the share capital and a number of share subscription warrants ('BSA Creditors') representing 38.8% of the circulating BSA Creditors.
Mubadala Capital submitted a firm and fully financed offer on June 22, 2026, to acquire all the circulating shares of Pierre & Vacances S.A. through a voluntary cash public takeover offer. The transaction remains subject to a major condition: securing contribution commitments representing at least 80% of the circulating share capital (the '80% Condition') before July 17, 2026.
Regulatory Approvals and Administrative Steps
Beyond the 80% Condition, the filing of the public offer remains subject to the satisfaction of usual conditions, including regulatory approvals concerning merger control, foreign subsidy regulation, and foreign investment control in jurisdictions where the group operates.
The transaction also requires the publication of the motivated opinion of the Company's Board of Directors on the public offer, approval by the shareholders of the extraordinary distribution of bonuses described on June 22, as well as the receipt of applicable consents under existing financing agreements to carry out this distribution.
Unanimous Support from the Board and Shareholder Mobilization
The Board of Directors, convened on June 19, 2026, including representatives from Fidera Limited, Benefit Street Partners, and Pastel Holding (together holding 58.9% of the circulating share capital), unanimously welcomed the operation proposed by Mubadala Capital.
The Pierre & Vacances-Center Parcs group is mobilized to gather the necessary support from institutional shareholders to meet the 80% Condition before July 17, 2026.
