Mubadala Capital Offers $1.1 Billion to Buy Pierre & Vacances-Center Parcs

Mubadala Capital, Abu Dhabi's leading sovereign wealth fund, has made a $1.1 billion bid for listed French leisure operator Pierre & Vacances-Center Parcs. The offer values the company at up to €2 per share. Pierre & Vacances board members unanimously welcomed the proposal last week.

Filing of the tender offer is expected in the first quarter of 2027, after which Pierre & Vacances would be delisted from Euronext. Mubadala Capital manages $430 billion in assets and operates in more than 50 countries. It owns K-MAC Enterprises, the second-largest Taco Bell franchisee in the United States, and holds investments in Whataburger and Waymo.

Pierre & Vacances was founded in 1967 and operates more than 45,000 apartments, houses and villas across 330 sites in Europe. In its most recent full year the company welcomed nearly 8 million customers and recorded $2.2 billion in revenue along with a $46.7 million net profit. A central asset is the 640-acre Les Villages Nature Paris eco-resort, located four miles from Disneyland Paris.

The site opened in 2017 as a 50-50 joint venture between Disneyland Paris and Pierre & Vacances. It features geothermal wells that supply 40 percent of heating needs for Disneyland Paris and some of its hotels, an 11,500-square-meter water park, and a 2,500-square-meter outdoor infinity lagoon heated to 90 degrees Fahrenheit.

The resort planted 28,000 trees and 430,000 shrubs and avoided 12,000 tons of CO2 during construction through timber and low-carbon concrete.

Antoun Ghanem, partner at Mubadala Capital, said the offer reflects the company's conviction in the European leisure and hospitality sector and in the long-term potential of the group's brands. He added that Mubadala Capital will support execution of the group's strategic plan with long-term capital and operational partnership.