Merkur Spielbanken Beteiligungs GmbH, a subsidiary of Merkur AG, has entered into an agreement to acquire a controlling stake in Société Française de Casinos (SFC). This strategic move underscores Merkur's ambition to increase its presence in the regulated gambling sector in France.
On August 27, Merkur signed 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 related hospitality, restaurant, and entertainment ventures. Notable casino locations include Megève, Granville, and Mimizan. Moreover, Casigrangi also controls SFC, which operates casinos in Châtel-Guyon, Collioure, Gruissan, and Port-la-Nouvelle.
Regarding the terms of the deal, Merkur will acquire 95% of Casigrangi, with DOFA retaining a 5% interest, and a framework for reciprocal put and call options will be established for future transactions. As of October 31, 2025, Casigrangi holds approximately 4,135,434 shares in SFC, constituting 81.2% of its capital and voting rights.
Merkur is set to pay an effective price of €6.19 per SFC share for the stake, which is significantly above recent market valuations. This premium reflects both the control premium for the sellers and Merkur’s assessment of the value of majority ownership.
Since Merkur's acquisition of Casigrangi will provide indirect control over SFC, French regulations necessitate that Merkur launch a simplified mandatory tender offer for the remaining SFC shares. The offer will also be priced at €6.19 per share, similar to the price for the stake.
If successful, Merkur plans to initiate a squeeze-out process to compel minority shareholders to sell their shares and subsequently delist SFC from Euronext Paris. These actions are subject to regulatory approvals, including clearance from the French Autorité des Marchés Financiers (AMF) and the French Interior Ministry, which governs ownership changes in gaming operators under Article L. 323-3 of the French Code de la sécurité intérieure.
The definitive share transfer agreement is expected to be finalized following mandatory employee consultations at Casigrangi and the Casino de Gruissan’s social and economic committee. The transaction is anticipated to close in the first quarter of 2027.
Following the closure, Merkur will submit the mandatory tender offer to the AMF in the first half of 2027, contingent on receiving the necessary regulatory clearance. The transaction must also fulfill customary closing conditions, including all requisite regulatory approvals.
SFC expects its financial results for the 2025/26 fiscal year to reflect about €22.5 million in gross gaming revenue and €13.3 million in net gaming revenue.
This acquisition comes after a prior agreement in France where Banijay Entertainment’s gaming arm secured JOA’s network of 33 regional casinos across the country. Banijay has not provided financial specifics but indicated that funding would be managed by Blackstone and Kings Park Capital.
Merkur, part of the Gauselmann Group, focuses on gaming and leisure and has a rich history in operating gaming machines, software, and casinos throughout Europe. Earlier this year, Merkur Group announced its intention to acquire the slots provider White Hat Studios, aiming to enhance its US expansion following its 2025 purchase of the Nevada-licensed Gaming Arts. Merkur supervisory board Chairman Michael Gauselmann expressed enthusiasm for this latest development, emphasizing a commitment to online growth following early movements in Europe, including the 2012 acquisition of Blueprint.
Recently, there has been an outpouring of tributes in the gambling industry to Paul Gauselmann, the founder of Merkur Group, who passed away at the age of 91.
