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 move signifies Merkur's strategic effort to strengthen its presence in the regulated French 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, the parent company of Le Stelsia casino group. This group operates seven small to mid-sized casinos throughout France, alongside various hospitality, restaurant, and entertainment services. Notable casino locations under its operation include Megève, Granville, and Mimizan. Casigrangi also oversees SFC, which runs additional casinos in Châtel-Guyon, Collioure, Gruissan, and Port-la-Nouvelle.
Under the agreement's terms, Merkur will secure 95% ownership of Casigrangi, while DOFA will retain a minority 5% interest, with plans for reciprocal put and call options in the future. As of October 31, 2025, Casigrangi holds about 4,135,434 shares of SFC, which equates to 81.2% of its capital and voting rights.
Merkur is set to pay €6.19 per SFC share for this stake, reflecting a significant premium over recent market valuations. This premium includes both a control premium for the sellers and Merkur's valuation for majority ownership.
Due to this acquisition granting indirect control over SFC, French regulations mandate that Merkur initiate a simplified mandatory tender offer for the remaining SFC shares they do not already own, at the same price of €6.19 per share. If the tender offer is successful, Merkur plans to execute a squeeze-out process to compel minority shareholders to sell their shares, leading to SFC’s delisting from Euronext Paris. These actions are contingent upon regulatory approvals from the French Autorité des Marchés Financiers (AMF) and the French Interior Ministry, adhering to 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 mandatory employee consultations at Casigrangi and the social and economic committee at Casino de Gruissan. The deal's closing is targeted for the first quarter of 2027, after which Merkur will file the mandatory tender offer with the AMF in the first half of 2027, pending regulatory clearance.
SFC projects its financial results for the 2025/26 fiscal year, expecting gross gaming revenue of approximately €22.5 million and net gaming revenue of €13.3 million. This acquisition follows another significant agreement in France that allowed Tipico and Betclic's owner, Banijay Entertainment's gaming subsidiary, to purchase JOA’s network of 33 regional casinos in France, albeit without disclosing specific financial details. This deal will be supported by funds managed by Blackstone and Kings Park Capital.
Merkur is part of the Gauselmann Group, a historic German family-operated business that specializes in gaming machines, software, and casino management across Europe. Earlier this year, Merkur Group confirmed the acquisition of White Hat Studios, which is awaiting regulatory approvals. This purchase is intended to accelerate the company’s expansion in the US, complementing its 2025 acquisition of the Nevada-licensed supplier, Gaming Arts.
Following the acquisition news, the gambling community mourned the passing of Paul Gauselmann, the Merkur Group founder, who died at the age of 91.
