Merkur Spielbanken Beteiligungs GmbH, a subsidiary of Merkur AG, has finalized an agreement to acquire a controlling stake in Société Française de Casinos (SFC), enhancing its presence in the regulated gambling sector in France.
The agreement, signed on August 27, involves a put option with GPG Groupe Philippe Ginestet and DOFA that will enable Merkur to purchase Casigrangi, the parent company of the Le Stelsia casino group. Le Stelsia operates seven small to mid-sized casinos across France, complemented by its hospitality, restaurant, and entertainment ventures, with notable locations in Megève, Granville, and Mimizan. Casigrangi also has control over SFC, which manages casinos in Châtel-Guyon, Collioure, Gruissan, and Port-la-Nouvelle.
According to the agreement's terms, Merkur will acquire 95% of Casigrangi, while DOFA will retain a 5% stake, with mutual put and call options for future execution. As of October 31, 2025, Casigrangi holds approximately 4,135,434 shares in SFC, representing 81.2% of its capital and voting rights.
Merkur has agreed to an effective purchase price of €6.19 per SFC share, which significantly exceeds recent market valuations, indicating both the control premium for sellers and Merkur's analysis for majority ownership.
Due to this acquisition of Casigrangi, which indirectly controls SFC, French law necessitates that Merkur initiate a simplified mandatory tender offer for the remaining shares of SFC. This tender will likewise be priced at €6.19 per share. If successful, Merkur plans to execute a squeeze-out process requiring minority shareholders to divest their shares, targeting a subsequent delisting of SFC from Euronext Paris.
The fulfillment of this transaction is contingent upon regulatory approvals, necessitating clearance from the French Autorité des Marchés Financiers (AMF) and the French Interior Ministry under Article L. 323-3 of the French Code de la sécurité intérieure.
A definitive share transfer agreement is expected to be completed following mandatory employee consultation processes at Casigrangi and the social and economic committee of Casino de Gruissan. The target closing date for the transaction is set for the first quarter of 2027, with Merkur planning to file the mandatory tender offer with the AMF in the first half of 2027, contingent on regulatory approvals.
SFC has forecasted its financial performance for the 2025/26 fiscal year, predicting gross gaming revenue of approximately €22.5 million, with net gaming revenue estimated at €13.3 million.
This acquisition follows a recent omnichannel arrangement in France, where Banijay Entertainment's gaming division, which owns Tipico and Betclic, acquired JOA’s 33 regional casinos. Financial details for this deal have not been disclosed, although it has support from funds managed by Blackstone and Kings Park Capital.
Merkur is part of the Gauselmann Group, a historical German family-owned company that specializes in gaming machines, software, and casino operations across Europe. Earlier this year, Merkur Group also announced its intention to acquire White Hat Studios, a slots provider, a move designed to bolster its US expansion, complementing its acquisition of Gaming Arts in 2025.
Michael Gauselmann, Chairman of Merkur’s supervisory board, expressed optimism about the company’s online expansion, highlighting the significance of its Blueprint acquisition in 2012 and the strategic importance of White Hat Studios as a valuable addition to the group. The gambling industry has recently mourned the passing of Paul Gauselmann, the founder of the Merkur Group, who died at the age of 91.
