Announcement • Jun 23
Mubadala Capital entered into a bid to acquire Pierre et Vacances SA (ENXTPA:VAC) from Benefits Street Partners Limited and Fidera Limited for approximately €880 million. Mubadala Capital entered into a bid to acquire Pierre et Vacances SA (ENXTPA:VAC) from Benefits Street Partners Limited and Fidera Limited for approximately €880 million on June 19, 2026. As part of consideration €877.5 million is being paid towards common equity of Pierre et Vacances SA.
The transaction is subject to subject to antitrust regulations and approval by regulatory board / committee.
The Board of Directors of the Company, at a meeting held on June 19, 2026, has unanimously welcomed favorably the proposed transaction, without prejudice to the reasoned opinion to be issued by the Board of Directors in the context of the contemplated tender offer. However, there can be no assurance that the transaction will materialize if MC does not receive, by July 17, 2026, undertakings from shareholders of the Company representing at least 80% of its outstanding share capital to tender their ordinary shares to the tender offer. In their capacity as directors, representatives of Fidera Limited, Benefit Street Partners and Pastel Holding, the Company’s largest shareholders representing, in the aggregate, 58.6% of the outstanding share capital of the Company, expressed their support for the proposed transaction at that meeting. New Risk • Jun 15
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€435m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Negative equity (-€435m). New Risk • Jun 03
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Negative equity (-€434m). Large one-off items impacting financial results. 
