Merkur Spielbanken Beteiligungs GmbH, a subsidiary of Merkur AG, has finalized an agreement to acquire a controlling stake in Société Française de Casinos (SFC). This transaction represents a strategic initiative for Merkur to enhance its presence within the French regulated gambling sector.
On August 27, Merkur entered into a put option agreement with GPG Groupe Philippe Ginestet and DOFA, allowing for the acquisition of Casigrangi. Casigrangi acts as the parent company for the Le Stelsia casino group, which manages seven small to mid-sized casinos throughout France, as well as associated hospitality, restaurant, and entertainment ventures. Key casino locations include Megève, Granville, and Mimizan. Furthermore, Casigrangi has authority over SFC, which operates casinos in locations such as Châtel-Guyon, Collioure, Gruissan, and Port-la-Nouvelle.
The agreement specifies that Merkur will acquire 95% of Casigrangi, leaving DOFA with a 5% stake, subject to future reciprocal put and call options. Casigrangi currently holds around 4,135,434 shares in SFC, representing 81.2% of its capital and voting rights as of October 31, 2025.
Merkur has agreed to an effective price of €6.19 per SFC share, which is a considerable premium over recent market valuations. This premium signifies both the control premium to the sellers and Merkur’s valuation for majority ownership.
Since Merkur’s acquisition of Casigrangi will yield indirect control of SFC, French regulations stipulate that Merkur must launch a simplified mandatory tender offer for the outstanding SFC shares it does not already own. This tender offer will also be priced at €6.19 per share. If the tender offer is successful, Merkur plans to initiate a squeeze-out process, compelling minority shareholders to divest their shares and subsequently delist SFC from Euronext Paris.
The process is contingent upon obtaining regulatory approvals from the French Autorité des Marchés Financiers (AMF) and the French Interior Ministry, which governs ownership changes in gaming operators per Article L. 323-3 of the French Code de la sécurité intérieure.
A definitive share transfer agreement is anticipated to be signed once mandatory employee consultations at Casigrangi and the Casino de Gruissan’s social and economic committee have concluded. The transaction closing is targeted for the first quarter of 2027, with the mandatory tender offer expected to be filed with the AMF in the first half of 2027, pending regulatory clearance.
SFC has projected financial outcomes for the 2025/26 fiscal year, estimating gross gaming revenue around €22.5 million and net gaming revenue approximately €13.3 million.
This acquisition follows a recent agreement in France wherein Tipico and Betclic owner Banijay Entertainment’s gaming division purchased JOA’s network of 33 regional casinos. Banijay did not reveal specific financial details, noting that backing for the acquisition comes from funds managed by Blackstone and Kings Park Capital.
Merkur operates as part of the gaming and leisure sector of the Gauselmann Group, a historic German family-run enterprise specializing in gaming machines, software, and casino operations across Europe. Earlier this year, Merkur Group announced plans to acquire the slots provider White Hat Studios, a move considered pivotal for accelerating its expansion efforts in the United States. Michael Gauselmann, Chairman of Merkur’s supervisory board, expressed optimism about the acquisition, linking it to the company’s online growth.
In recent weeks, the gambling industry has honored Paul Gauselmann, the founder of Merkur Group, following his passing at the age of 91.
