Mubadala Capital puts private markets fund on blockchain in Coinbase deal

Mubadala Capital, based in Abu Dhabi Global Market, has reached an agreement to acquire the remaining shares of French hospitality firm Pierre et Vacances through an all-cash tender offer. The deal comes after existing shareholders holding 80.13 percent of the company's outstanding shares pledged their support for the transaction. The proposed purchase price stands at €1.90 per ordinary share, with an additional €0.10 per share available should Mubadala achieve a complete squeeze-out and subsequent delisting of the company. The acquisition is part of Mubadala Capital's broader strategy to expand its presence in the European leisure and hospitality sector. The firm plans to submit the formal tender offer in the first quarter of 2027, pending necessary regulatory clearances and approvals from both employees and shareholders of Pierre et Vacances. Pierre et Vacances operates over 45,000 vacation properties across 330 locations in Europe under four distinct brand names. The company has been recognized for its robust brand portfolio, extensive customer base, and long-standing operational history. According to Antoun Ghanem, partner and head of European private equity at Mubadala Capital, the acquisition represents a strategic move to bolster the company's growth trajectory. Georges Sampeur, chairman of Pierre et Vacances, described the agreement as a pivotal moment in the company's strategic reassessment. He emphasized the significance of securing major shareholder commitments in facilitating this transition. The deal is anticipated to provide substantial financial backing for future initiatives aimed at enhancing customer experiences, renovating existing properties, and expanding operations across Europe. Mubadala Capital, established in 2011, oversees over $600 billion in client assets globally. Its previous ventures include the acquisition of CI Financial Corporation and Clear Channel Outdoor Holdings, alongside its stake in the European leisure and hospitality operator Looping Group. These prior investments have equipped Mubadala with valuable insights into the sector, which it aims to leverage in its new partnership with Pierre et Vacances. The proposed tender offer includes specific financial terms, such as a payment of €1.90 per share before dividend distributions and €1.79 per share post-dividend. Additionally, there is a provision for an extra €0.10 per share if Mubadala successfully executes a full squeeze-out and delists the company following the offer. This structure reflects the investor's commitment to ensuring a comprehensive takeover while providing flexibility contingent upon achieving certain milestones. As the deal progresses, attention will focus on the regulatory hurdles that must be cleared and the internal approvals required from Pierre et Vacances stakeholders. The successful execution of this acquisition could significantly reshape the European hospitality landscape, positioning Mubadala Capital as a key player in the region's growing market.