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29 Jun 2026

Baker McKenzie and De Pardieu Brocas Maffei Advise Groupe Pierre & Vacances – Center Parcs on Mubadala Capital Takeover Offer

"Baker McKenzie and De Pardieu Brocas Maffei advised Groupe Pierre & Vacances – Center Parcs on the firm, fully financed takeover offer from Mubadala Capital for Pierre et Vacances S.A., valuing the group at nearly €1 billion (€1.90 per share, including a €0.11 special dividend) and potentially leading to a formal filing in Q1 2027 and subsequent delisting."

Baker McKenzie and De Pardieu Brocas Maffei advised Groupe Pierre & Vacances – Center Parcs in connection with the firm, fully financed takeover offer submitted by Emirati fund Mubadala Capital for the entire capital of Pierre et Vacances S.A. The offer, unanimously welcomed by the board of Pierre & Vacances on 19 June 2026 following a strategic review launched in June 2025, values the Group at nearly €1 billion and is proposed at €1.90 per share, which includes an exceptional dividend of €0.11. An additional bonus of €0.10 per share will be payable if a mandatory squeeze-out is implemented, provided Mubadala obtains more than 90% of Pierre et Vacances S.A.'s capital. The formal filing of the offer is expected in the first quarter of 2027 and could ultimately result in Pierre et Vacances being delisted, 28 years after its 1999 IPO. Baker McKenzie represented Groupe Pierre & Vacances – Center Parcs with a team composed by: Véronique Millischer (partner, coordination), Robin Gaulier (counsel), Aurore Cormary (associate); Paris tax team members Caroline Silberztein (partner), Stéphane Taïeb (partner) and Benoît Granel (partner); Amsterdam tax team members Wibren Veldhuizen (partner), Fons Ravelli (counsel) and Isabelle Bronzwaer (legal director); Brussels tax team members Géry Bombeke (partner) and Stéphane Martin (senior counsel); Frankfurt tax team member Sonja Klein (senior counsel). Support teams included a corporate team composed of Aurélie Govillé (partner), Arnaud Charpentier (counsel) and Marguerite Le Nail (associate), and a labor & employment team composed of Eléonore d’Anthonay (partner) and Vanessa Chaillan (senior associate). De Pardieu Brocas Maffei represented Groupe Pierre & Vacances – Center Parcs with a team composed by: Cédric Chanas (partner, M&A / Private Equity), Sandra Aloui (partner, M&A / Private Equity), Anne-Laure Drouet (partner, tax) and Sébastien Boullier de Branche (partner, financing).
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