Pierre & Vacances agrees takeover with M뫚la Capital

Paris – 20 July 2026: French tourism group Pierre & Vacances-Center Parcs has entered into a binding agreement with M뫚la Capital regarding a planned public cash offer. The Abu Dhabi-based investment fund intends to acquire all outstanding securities of the company, which is listed on the Paris stock exchange. The transaction would give the fund control of the operator of holiday residences and leisure parks.

The plan has not yet been completed. However, according to the company, M뫚la Capital has already received irrevocable commitments from shareholders collectively holding 80.13 percent of Pierre et Vacances’ capital. This fulfils the previously key condition of sufficient shareholder support. The shareholding commitments provide an essential basis for the planned takeover offer.

The financial terms correspond to the offer already announced on 22 June 2026. The proposal provides for 1.90 euros per share, including a planned special distribution of 0.11 euros per share. This implies a valuation of the entire group at around one billion euros. In the event of a subsequent squeeze-out of remaining minority shareholders, an additional amount is also envisaged, provided the legal requirements are met.

Pierre & Vacances-Center Parcs’ board of directors has unanimously welcomed the offer. However, its final reasoned opinion is still pending. It is to be issued after receipt of the report from an independent expert and consultation with employee representatives. The French Financial Markets Authority, AMF, will also play a central regulatory role in the further process.

The public offer is expected to be filed no later than the first quarter of 2027. The necessary regulatory approvals must be obtained beforehand. In addition, shareholders must approve the special distribution, and possible waivers related to existing financing agreements must be granted. Today’s agreement therefore represents decisive progress, but not yet a completed change of ownership.

Pierre & Vacances-Center Parcs is one of Europe’s leading providers of holiday accommodation, with brands including Center Parcs, Pierre & Vacances, Adagio and maeva&co. In the first half of the 2025/2026 financial year, the group reported economic revenue of 816.8 million euros. Its tourism business generated 805.8 million euros, six percent above the corresponding period of the previous year.

For M뫚la Capital, the takeover offers access to a broadly diversified European tourism portfolio. For Pierre & Vacances-Center Parcs, the transaction would also mark the conclusion of a strategic review that began in June 2025. Whether the group will be delisted following a successful offer depends in particular on whether M뫚la Capital reaches the capital majority required for this purpose.