The proposed rapprochement between Pierre & Vacances and Mubadala Capital takes another step forward.
The two groups have signed an agreement outlining the terms for acquiring all outstanding Pierre & Vacances shares, via MC Pomona Bidco, a vehicle controlled by Mubadala Capital.
The transaction contemplates a voluntary cash offer, according to the financial terms announced on June 22, 2026. Mubadala Capital has already secured commitments from shareholders representing 80.13% of the circulating share capital.
Among them are Fidera Limited, with 26.72%, Benefit Street Partners, with 24.96%, Pastel Holding, with 8.60%, and Pristine, with 11.49%, within the framework of the management trust related notably to the state-guaranteed loan.
The two groups have signed an agreement outlining the terms for acquiring all outstanding Pierre & Vacances shares, via MC Pomona Bidco, a vehicle controlled by Mubadala Capital.
The transaction contemplates a voluntary cash offer, according to the financial terms announced on June 22, 2026. Mubadala Capital has already secured commitments from shareholders representing 80.13% of the circulating share capital.
Among them are Fidera Limited, with 26.72%, Benefit Street Partners, with 24.96%, Pastel Holding, with 8.60%, and Pristine, with 11.49%, within the framework of the management trust related notably to the state-guaranteed loan.
Pierre & Vacances: The Board of Directors Back the Offer
On July 17, 2026, the Pierre & Vacances board of directors welcomed, unanimously and favorably, the proposed offer. Its reasoned opinion will be issued after the delivery of the independent expert’s report and the views of the employee representative bodies.
The board currently believes that the operation is in the best interests of the company, its shareholders, its employees and its other stakeholders.
The offer contemplates a price of €1.90 per ordinary share, with the attached coupon, and €1.79 per share with the detached coupon.
To read: The Pierre & Vacances group could be acquired by an Emirati fund.
An additional €0.10 per share could be paid in the event of a mandatory withdrawal and delisting, provided that Mubadala Capital holds at least 90% of the capital and voting rights on a fully diluted basis at the end of the offer.
An extraordinary distribution of bonuses of €0.11 per ordinary share must also be approved by the shareholders at an extraordinary general meeting planned around 30 September 2026.
The board currently believes that the operation is in the best interests of the company, its shareholders, its employees and its other stakeholders.
The offer contemplates a price of €1.90 per ordinary share, with the attached coupon, and €1.79 per share with the detached coupon.
To read: The Pierre & Vacances group could be acquired by an Emirati fund.
An additional €0.10 per share could be paid in the event of a mandatory withdrawal and delisting, provided that Mubadala Capital holds at least 90% of the capital and voting rights on a fully diluted basis at the end of the offer.
An extraordinary distribution of bonuses of €0.11 per ordinary share must also be approved by the shareholders at an extraordinary general meeting planned around 30 September 2026.
Pierre & Vacances: An Offer Expected in the First Quarter of 2027
The filing of the offer with the Autorité des marchés financiers (AMF) is planned no later than the first quarter of 2027.
It remains subject, notably, to obtaining the usual regulatory approvals, to the board’s reasoned opinion, to the approval of the extraordinary distribution by the shareholders, and to obtaining the necessary consents under existing financing agreements.
The closing of the offer is expected to occur in the first half of 2027. If the conditions are met, Mubadala Capital also plans a mandatory buyout of all shares and a delisting of Pierre & Vacances.
For Mubadala Capital, this operation should support a new development phase for the group, notably through the renovation and upgrading of its sites, as well as the expansion of its portfolio.
It remains subject, notably, to obtaining the usual regulatory approvals, to the board’s reasoned opinion, to the approval of the extraordinary distribution by the shareholders, and to obtaining the necessary consents under existing financing agreements.
The closing of the offer is expected to occur in the first half of 2027. If the conditions are met, Mubadala Capital also plans a mandatory buyout of all shares and a delisting of Pierre & Vacances.
For Mubadala Capital, this operation should support a new development phase for the group, notably through the renovation and upgrading of its sites, as well as the expansion of its portfolio.
Published by Amelia Brille TourMaG.com Editor See all articles by Amelia Brille
Add TourMaG to your Google News feed 
