Baker & McKenzie LLP
06/25/2026 | Press release | Distributed by Public on 06/25/2026 05:30
Baker McKenzie Advises the Pierre & Vacances – Center Parcs Group on Mubadala Capital's Tender Offer
Baker McKenzie advised the Pierre & Vacances - Center Parcs Group in connection with the firm and fully financed tender offer from Emirati fund Mubadala Capital for the entirety of the share capital of Pierre et Vacances S.A., the parent entity of the Group, intended to result in a delisting. The offer, unanimously welcomed by Pierre et Vacances' board of directors on 19 June 2026 following the strategic review initiated in June 2025, values the Group at close to EUR 1 billion and is priced at EUR 1.90 per share (including an exceptional dividend of EUR 0.11). A top up EUR 10 cents per share will be added should a squeeze-out procedure be implemented, subject to Mubadala obtaining more than 90% of the share capital of Pierre et Vacances S.A.
The formal filing of the offer is expected in the first quarter of 2027 and could ultimately lead to the delisting of Pierre et Vacances, 28 years after its IPO in 1999.
Baker McKenzie advised the Pierre & Vacances-Center Parcs Group on the tax aspects of the project, under the coordination of Véronique Millischer (partner), Robin Gaulier (counsel) and Aurore Cormary (associate). The tax team also included, in Paris, Caroline Silberztein (partner), Stéphane Taïeb (partner) and Benoît Granel (partner), in Amsterdam, Wibren Veldhuizen (partner), Fons Ravelli (counsel) and Isabelle Bronzwaer (legal director), in Brussels, Géry Bombeke (partner) and Stéphane Martin (senior counsel), and in Frankfurt, Sonja Klein (senior counsel). The project was also supported by a corporate team composed of Aurélie Govillé (partner), Arnaud Charpentier (counsel) and Marguerite Le Nail (associate), as well as an Employment team composed of Eléonore d'Anthonay (partner) and Vanessa Chaillan (senior associate).
De Pardieu Brocas Maffei advised the Pierre & Vacances-Center Parcs Group on the legal and financing aspects, with a team comprising Cédric Chanas and Sandra Aloui (M&A / Private Equity), Anne-Laure Drouet (Tax) and Sébastien Boullier de Branche (Financing), partners.
The formal filing of the offer is expected in the first quarter of 2027 and could ultimately lead to the delisting of Pierre et Vacances, 28 years after its IPO in 1999.
Baker McKenzie advised the Pierre & Vacances-Center Parcs Group on the tax aspects of the project, under the coordination of Véronique Millischer (partner), Robin Gaulier (counsel) and Aurore Cormary (associate). The tax team also included, in Paris, Caroline Silberztein (partner), Stéphane Taïeb (partner) and Benoît Granel (partner), in Amsterdam, Wibren Veldhuizen (partner), Fons Ravelli (counsel) and Isabelle Bronzwaer (legal director), in Brussels, Géry Bombeke (partner) and Stéphane Martin (senior counsel), and in Frankfurt, Sonja Klein (senior counsel). The project was also supported by a corporate team composed of Aurélie Govillé (partner), Arnaud Charpentier (counsel) and Marguerite Le Nail (associate), as well as an Employment team composed of Eléonore d'Anthonay (partner) and Vanessa Chaillan (senior associate).
De Pardieu Brocas Maffei advised the Pierre & Vacances-Center Parcs Group on the legal and financing aspects, with a team comprising Cédric Chanas and Sandra Aloui (M&A / Private Equity), Anne-Laure Drouet (Tax) and Sébastien Boullier de Branche (Financing), partners.
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