The French tourism group Pierre & Vacances-Center Parcs officially announced its acquisition by Mubadala Capital, an Abu Dhabi-based investment fund, on Sunday, July 20. The agreement comes after the Emirati company secured more than 80% of the French group's capital. This transaction marks a turning point in the history of the French company, whose recent financial difficulties had paved the way for a recapitalization.
An agreement after the capital has been secured
The merger between the two entities was formalized in a press release issued this Sunday. The financial details of the transaction have not yet been disclosed. Pierre & Vacances, specializing in holiday residences and leisure parks, is one of the major players in the sector in France with its Pierre & Vacances and Center Parcs brands.
Mubadala Capital, the investment arm of Abu Dhabi's sovereign wealth fund, is thus expanding its portfolio of European tourism assets. The French group will retain its presence in France and its sites located throughout the country. This acquisition is part of the UAE's strategy to diversify its investments in the tourism and leisure industry.
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