Merkur Spielbanken Beteiligungs GmbH, a subsidiary of Merkur AG, has secured an agreement to acquire a controlling stake in Société Française de Casinos (SFC). This transaction signifies an important step for Merkur in expanding its presence in the French regulated gaming market.
On August 27, Merkur finalized a put option agreement with GPG Groupe Philippe Ginestet and DOFA, facilitating the acquisition of Casigrangi. Casigrangi is the parent company of the Le Stelsia casino group, which operates seven small to mid-sized casinos across France, alongside various hospitality and entertainment interests. Significant casino locations managed by the group include Megève, Granville, and Mimizan. Casigrangi also oversees SFC, which operates casinos in Châtel-Guyon, Collioure, Gruissan, and Port-la-Nouvelle.
According to the terms of the agreement, Merkur will acquire 95% of Casigrangi, while DOFA retains a 5% share, with reciprocal put and call options available for future execution. Casigrangi currently holds approximately 4,135,434 shares in SFC, equating to 81.2% of its capital and voting rights as of October 31, 2025.
The agreed purchase price for the SFC stake is €6.19 per share, which is a notable premium above recent market valuations. This premium includes both the value attributed to controlling interest and Merkur’s assessment for majority ownership.
Following the acquisition of Casigrangi, Merkur will have indirect control over SFC, leading French regulations to necessitate a simplified mandatory tender offer for the remaining SFC shares. This offer will mirror the share price of €6.19.
If the offer is successful, Merkur plans to instigate a squeeze-out process, compelling minority shareholders to sell their shares and aiming to delist SFC from Euronext Paris. These processes are contingent on approvals from regulatory bodies, including the French Autorité des Marchés Financiers (AMF) and the French Interior Ministry, as governed by Article L. 323‑3 of the French Code de la sécurité intérieure.
The definitive share transfer agreement is anticipated to be signed after the mandatory information and consultation procedures involving Casigrangi’s employees and the social and economic committee of Casino de Gruissan are completed. The transaction is set to close in the first quarter of 2027.
Following the closing, Merkur intends to file the mandatory tender offer with the AMF in the first half of 2027, contingent upon attaining regulatory clearance. The deal is subject to customary conditions, including all necessary regulatory approvals.
SFC has projected gross gaming revenue of around €22.5 million and net gaming revenue of approximately €13.3 million for the 2025/26 fiscal year. This acquisition follows another notable move in the French market, where Banijay Entertainment’s gaming division acquired the JOA network of 33 regional casinos across France, supported by funds managed by Blackstone and Kings Park Capital.
Merkur also recently mourned the loss of its founder, Paul Gauselmann, who passed away at the age of 91. Merkur, part of the Gauselmann Group, has specialized in gaming machines, software, and casino operations throughout Europe. Earlier this year, the group announced plans to acquire the slots supplier White Hat Studios, aimed at bolstering its expansion in the U.S. Merkur supervisory board Chairman Michael Gauselmann spoke on the company’s online expansion, expressing confidence in the latest acquisition as a continued step forward in the gaming sector.
