German gaming operator Merkur has agreed to acquire a controlling position in Société Française de Casinos (SFC) through the purchase of a majority interest in Casigrangi, the holding company behind the Le Stelsia casino group. The transaction would strengthen Merkur’s presence in France and could ultimately result in SFC being removed from the Euronext Paris stock exchange.
According to Dealroom, the agreement was formalized through a put option arrangement signed on 27 August 2026 between Merkur Spielbanken Beteiligungs GmbH and the current owners of Casigrangi, GPG Groupe Philippe Ginestet and DOFA. Under the proposed structure, Merkur would acquire 95% of Casigrangi, while DOFA would continue to hold the remaining 5%, subject to future reciprocal put and call options.
Casigrangi operates seven casinos across France and oversees related hospitality, restaurant and entertainment businesses. Its properties include venues in Megève, Granville and Mimizan. Through its controlling interest in SFC, the group also has casino operations in Gruissan, Port-la-Nouvelle, Collioure and Châtel-Guyon.
Casigrangi currently owns approximately 81.2% of SFC’s capital and voting rights, representing more than 4.1 million shares. By acquiring Casigrangi, Merkur would gain indirect control of the listed French casino operator.
Tender Offer Planned for Remaining Shareholders
French regulations require Merkur to launch a mandatory simplified tender offer for SFC shares that are not already under Casigrangi’s control. The offer would be made at €6.19 per share, the same valuation used in the acquisition structure.
That price represents a substantial premium compared with SFC’s recent market performance. According to transaction details, the offer reflects a 157.9% premium to SFC’s closing share price on 27 August 2026 and a 195.9% premium compared with the volume-weighted average share price over the previous 240 trading days. Industry reporting also noted that SFC shares had been trading around €2.40 prior to the announcement.
Should the tender offer succeed, Merkur intends to pursue a squeeze-out procedure that would require minority shareholders to sell their holdings. The company would then seek to delist SFC from Euronext Paris.
Several approvals remain necessary before the transaction can be completed. Employee consultation processes must be finalized at Casigrangi and within the Casino de Gruissan’s social and economic committee. Regulatory clearance is also required from authorities including the French Ministry of Interior, which supervises ownership changes involving gaming operators, as well as the Autorité des Marchés Financiers (AMF).
The parties expect to sign the definitive share transfer agreement after those consultations conclude. Completion of the acquisition is currently targeted for the first quarter of 2027, with the mandatory tender offer expected to be submitted to the AMF during the first half of the year.
Growing Interest in France’s Casino Sector
The proposed acquisition represents another notable transaction in the French land-based casino market. During the past 18 months, several major gaming groups have expanded their presence in the country through acquisitions.
Earlier this year, Banijay Entertainment’s gaming division agreed to acquire JOA Groupe, adding a network of 33 regional casinos. In January 2025, Novomatic acquired Vikings Casinos, which operates 11 establishments in France.
The latest move by Merkur continues a broader pattern of consolidation involving international operators seeking a stronger position in the French market. Merkur stated that combining Casigrangi’s “proven track record, resilience, and market expertise” with its own “pan-European footprint” would support further development opportunities in France.
SFC itself has projected gross gaming revenue of approximately €22.5 million for the 2025/26 fiscal year, alongside net gaming revenue of €13.3 million. The company also expects EBITDA of around €3.5 million.
Industry Observers Watch Regulatory Implications
Beyond the immediate transaction, some industry commentators have pointed to wider implications for France’s gambling sector. The arrival of additional international casino operators has fueled discussion about the possibility of future online casino regulation in the country.
Recent acquisitions have brought together companies with extensive experience in both land-based and digital gambling. Alongside Banijay, Merkur and Novomatic, operators such as Circus and Golden Palace possess established online gaming capabilities while also maintaining physical casino operations.
Observers have also noted that France’s casino framework offers advantages to groups that manufacture their own gaming machines. Under the country’s current system, casinos typically acquire machines through specialist supply and maintenance companies. As gaming equipment producers themselves, Merkur and Novomatic may benefit from supplying their own properties directly while continuing to provide products to other operators.
The SFC transaction also provides a rare public benchmark for valuing casino assets in France because the company is listed on Euronext Paris. Previous deals involving privately held operators disclosed limited financial information, leaving fewer reference points for future mergers and acquisitions.
For Merkur, the proposed purchase adds to a period of expansion beyond its domestic market. The group, which forms part of the Gauselmann business and is owned by the Gauselmann Family Foundation, recently agreed to acquire slots supplier White Hat Studios to support its North American growth following its earlier purchase of Gaming Arts. The company has also been remembered across the industry in recent weeks following the death of founder Paul Gauselmann at the age of 91.