Merkur Spielbanken Beteiligungs GmbH, a subsidiary of Merkur AG, has finalized an agreement to acquire a controlling interest in Société Française de Casinos (SFC). This move signals Merkur's strategic expansion into the regulated gambling market in France.
On August 27, Merkur executed a put option agreement with GPG Groupe Philippe Ginestet and DOFA, facilitating the purchase of Casigrangi, the parent company of the Le Stelsia casino group. This group operates seven small to mid-sized casinos across France, along with associated hospitality, dining, and entertainment ventures. Key locations under its management include casinos in Megève, Granville, and Mimizan. SFC, which is controlled by Casigrangi, oversees additional casino operations in Châtel-Guyon, Collioure, Gruissan, and Port-la-Nouvelle.
Under the agreement's terms, Merkur will acquire 95% of Casigrangi while DOFA retains a 5% stake, which is subject to future reciprocal put and call options. Casigrangi currently holds about 4,135,434 shares in SFC, equating to 81.2% of its capital and voting rights as of October 31, 2025.
Merkur will pay an effective price of €6.19 per SFC share for this stake, reflecting a significant premium over the market valuations. This premium accounts for both a control premium and Merkur's assessment of the value of majority ownership.
Since Merkur's acquisition of Casigrangi grants indirect control over SFC, French regulations mandate that Merkur must initiate a simplified mandatory tender offer for the remaining shares of SFC not already owned. This offer will also be priced at €6.19 per share. If successful, Merkur plans to execute a squeeze-out process to compel minority shareholders to sell their shares, which would ultimately lead to SFC's delisting from Euronext Paris.
These processes must receive regulatory approvals, including clearance from the French Autorité des Marchés Financiers (AMF) and the French Interior Ministry, which regulates ownership changes in gaming companies under Article L. 323-3 of the French Code de la sécurité intérieure.
The definitive share transfer agreement is anticipated to be signed following the completion of employee consultations at Casigrangi and the Casino de Gruissan’s social and economic committee. The transaction is expected to close in the first quarter of 2027, with Merkur planning to file the mandatory tender offer with the AMF during the first half of 2027, pending the regulator’s clearance.
SFC has projected gross gaming revenues of around €22.5 million and net gaming revenues of €13.3 million for the 2025/26 fiscal year. This acquisition follows another significant move in France's gambling sector where Banijay Entertainment’s gaming division recently acquired JOA’s network of 33 regional casinos, supported by investment funds from Blackstone and Kings Park Capital.
Merkur holds a prominent position as the gaming and leisure division of the Gauselmann Group, a notable German family-owned enterprise engaged in gaming machines, software, and casino operations across Europe. Earlier this year, the Merkur Group announced an acquisition of the slots provider White Hat Studios, which is subject to regulatory approvals. This acquisition is seen as a crucial part of Merkur's ongoing expansion in the U.S. market, complementing its previous purchase of the Nevada-licensed supplier Gaming Arts in 2025. Michael Gauselmann, Chairman of Merkur's supervisory board, expressed optimism about the integration of White Hat Studios into the group.
In recent weeks, the gambling industry has mourned the passing of Paul Gauselmann, founder of Merkur Group, who died at the age of 91.
