Mubadala Capital in Binding Offer For All Outstanding Securities of Pierre & Vacances-Center Parcs

Cleary Gottlieb is representing Mubadala Capital, which submitted a binding offer to acquire all outstanding securities of Pierre & Vacances-Center Parcs (PVCP) through a voluntary tender offer in cash.

The PVCP board of directors unanimously welcomed favorably the proposed transaction, without prejudice to the reasoned opinion to be issued by the board of directors in the context of the contemplated tender offer.

The binding offer remains subject to ongoing discussions with shareholders of PVCP in order to secure by July 17, 2026, undertakings to tender ordinary shares to the contemplated tender offer representing at least 80% of the outstanding share capital of PVCP.

If the proposed transaction materializes, under the binding offer’s conditions, Mubadala Capital and PVCP would execute a tender offer agreement setting forth the main terms and conditions of the proposed transaction. Filing of the contemplated tender offer is expected to occur during the first quarter of 2027 subject to and following satisfaction of customary conditions.

Founded in 1967, PVCP is the European leader in reinvented local tourism. Today, with its four recognized and complementary tourism brands—Pierre & Vacances, Center Parcs, maeva, and Adagio—the group operates a portfolio of more than 45,000 apartments, houses, and villas located across 330 sites in Europe. In 2024/2025, the group welcomed nearly 8 million customers and generated revenue of €1,946 million.

Mubadala Capital is a global alternative asset management platform that manages, advises, and administers for clients and limited partners over $430 billion in assets through its asset managers and strategic partnerships. A subsidiary of Mubadala Investment Company, Mubadala Capital combines the scale and stability of sovereign ownership with the agility and focus of a performance-driven global alternative asset management firm.

The Cleary team includes partners Charles Masson and Rodolphe Elineau and associates Laura Bournhonesque, Johanna Jumelet, and Ferdinand Toulza. Counsel Jérôme Hartemann advised on employment matters. Partner Gareth Kristensen and associate Markos Day advised on IP matters. Partner Anne-Sophie Coustel advised on tax matters.