Mubadala Capital, one of the sovereign wealth funds of the government of Abu Dhabi, has launched a c.€900 million bid to take European leisure operator Pierre & Vacances private, highlighting growing institutional interest in Europe’s alternative accommodation sector.
Pierre & Vacances operates a multi-brand European leisure platform which includes resort villages (Center Parcs), holiday apartments and urban aparthotels (Adagio), with around 45,000 units across the region.
Mubadala has submitted a fully financed binding cash offer at up to €2.00 a share, implying a ~€900 million equity valuation.
The move reflects growing investor appetite for scaled, experience-led leisure platforms capable of capturing domestic travel demand.
What they said
Georges Sampeur, chairman of the board of directors of Pierre et Vacances, said: “The binding and fully financed offer received from Mubadala Capital marks a decisive milestone in the strategic review launched in June 2025. Following a rigorous and competitive process, it recognises the value of our Group, the relevance of our local tourism model and the strong growth potential of our brands.
“We welcome the interest of a leading investor with a global reach and a long-term perspective, who is investing first and foremost in our vision, our teams and our ability to continue growing. This backing would reinforce our strategy and strengthen our flexibility in executing our Beyond ReInvention plan.
“Its success now depends on the commitment of our main shareholders, each of whom, in their own way, is an essential link in making this project a reality.”
Antoun Ghanem, partner at Mubadala Capital, said: “Mubadala Capital's offer reflects its conviction in the European leisure and hospitality sector and in the long-term potential of the Group's brands. Mubadala Capital intends to support the management team led by Franck Gervais and the execution of the Group's strategic plan, providing long-term capital and operational partnership. This transaction follows Mubadala Capital's recent take-privates in North America and builds on its direct experience in European leisure.”