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 acquisition signifies Merkur's strategic expansion into the regulated gambling market in France.
On August 27, Merkur entered into a put option agreement with GPG Groupe Philippe Ginestet and DOFA, which facilitates the purchase of Casigrangi, the parent entity of the Le Stelsia casino group. Le Stelsia operates seven mid-sized casinos throughout France, along with associated hospitality, restaurant, and entertainment enterprises. Key casinos under its management include locations in Megève, Granville, and Mimizan, with Casigrangi also overseeing the SFC, which runs casinos in Châtel-Guyon, Collioure, Gruissan, and Port-la-Nouvelle.
According to the details of the arrangement, Merkur will acquire 95% of Casigrangi, while DOFA will maintain a 5% stake, contingent on potential future reciprocal options. Casigrangi currently owns around 4,135,434 shares in SFC, which corresponds to 81.2% of SFC’s voting rights and capital as of October 31, 2025.
Merkur's payment for this stake is set at an effective price of €6.19 per SFC share, significantly above recent market valuations. This reflects both the premium for control being paid to the sellers and Merkur's assessment of the value in achieving majority ownership.
With this acquisition, Merkur will obtain indirect control over SFC, triggering a requirement under French regulations to initiate a simplified mandatory tender offer for the remaining shares it does not own in SFC. This tender offer will mirror the share price of €6.19.
If successful in its offer, Merkur plans to implement a squeeze-out process to compel minority shareholders to sell their shares, which would facilitate the delisting of SFC from Euronext Paris. These actions will be subject to regulatory approvals, including from the French Autorité des Marchés Financiers (AMF) and the French Interior Ministry, which governs ownership transitions in gaming companies according to Article L. 323-3 of the French Code de la sécurité intérieure.
The signing of the definitive share transfer agreement is anticipated to occur after mandatory employee consultations at Casigrangi and the social and economic committee of the Casino de Gruissan. The target date for closing the transaction is set for the first quarter of 2027, with Merkur planning to submit the mandatory tender offer to the AMF in the first half of 2027, dependent on the necessary regulatory clearance.
SFC has projected its financial outcomes for the fiscal year 2025/26, expecting gross gaming revenue to be approximately €22.5 million and net gaming revenue to reach €13.3 million.
This acquisition follows another recent agreement in the French market where Tipico and the gaming arm of Banijay Entertainment acquired a network of 33 regional casinos owned by JOA. Banijay has not revealed financial specifics but indicated that the acquisition is supported by funds from Blackstone and Kings Park Capital.
In addition, Merkur recently celebrated its founder's legacy, Paul Gauselmann, who passed away at 91. Merkur, as part of the Gauselmann Group, is a well-established entity specializing in gaming machines, software, and casino operations across Europe. Earlier this year, Merkur Group also announced its intent to acquire White Hat Studios, reinforcing its commitment to expanding in the U.S. market.
