Merkur Spielbanken Beteiligungs GmbH, a subsidiary of Germany’s Merkur AG, has signed an agreement to acquire a controlling interest in Société Française de Casinos (SFC), extending the company’s presence in the French regulated gambling market.
On August 27, Merkur signed a put option agreement with GPG Groupe Philippe Ginestet and DOFA for the purchase of Casigrangi, the holding company behind the Le Stelsia casino group.
Le Stelsia operates seven small to mid-sized casinos across France, located in Megève, Granville and Mimizan, along with associated hospitality, restaurant and entertainment operations.
Casigrangi also holds an 81.21% stake in SFC, equivalent to 4,135,434 shares based on figures dated October 31, 2025. SFC operates casinos in Châtel-Guyon, Collioure, Gruissan and Port-la-Nouvelle.
Under the agreement, Merkur will acquire 95% of Casigrangi’s share capital, while DOFA retains a 5% interest, subject to reciprocal put and call options exercisable at a later date. The purchase undertaking includes an exclusivity period for Merkur.
Pricing and tender offer
Merkur has agreed to pay €6.19 ($7.18) per SFC share for the transaction. That price represents a premium of 195.9% over the volume-weighted average closing market price during the 240 trading days preceding August 27, 2026, a premium of 145.2% over the 60-day volume-weighted average, and a premium of 157.9% over the closing market price on that date.
Because the acquisition of Casigrangi would grant Merkur indirect control of SFC, French regulations require the company to file a simplified mandatory tender offer with the Autorité des Marchés Financiers (AMF) for the remaining SFC shares it does not hold directly or indirectly. That offer will also be priced at €6.19 per share.
SFC’s board of directors is expected to form an ad hoc committee to oversee the work of an independent expert, to be appointed under AMF General Regulation, who will prepare an opinion on the merits of the offer and its potential consequences for SFC, its shareholders and its employees.
If the legal and regulatory conditions are satisfied at the close of the offer, Merkur reportedly intends to pursue a squeeze-out procedure, compelling minority shareholders to sell their remaining shares, followed by the delisting of SFC from Euronext Paris.
Regulatory approvals and timeline
Completion of the transaction depends on customary regulatory approvals, including authorization from the French Ministry of the Interior under Article L. 323-3 of the French Code de la sécurité intérieure, along with the completion of internal restructuring procedures.
The definitive share transfer agreement is expected to be signed following mandatory employee information and consultation procedures at Casigrangi and at the Casino de Gruissan’s social and economic committee.
Closing of the transaction is targeted for the first quarter of 2027. Following closing, Merkur intends to file the mandatory tender offer with the AMF during the first half of 2027, with the launch of the offer contingent on regulatory clearance.
Based on its performance through the first half of 2026, SFC projects gross gaming revenue of approximately €22.5 million ($26.1 million) for the 2025-2026 financial year, with net gaming revenue of approximately €13.3 million ($15.43 million) and EBITDA of approximately €3.5 million ($4.06 million).
Merkur, the gaming and leisure division of the Gauselmann Group, a German family-owned company specializing in gaming machines, software and casino operations across Europe, has also been active in expanding into the US market.
The company recently agreed to acquire slots provider White Hat Studios, a deal it said would build on its 2025 purchase of Nevada-licensed supplier Gaming Arts.
The SFC agreement comes days after the gambling industry paid tribute to Paul Gauselmann, founder of the Merkur Group, who died at age 91.