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Merkur to Acquire Controlling Stake in Société Française de Casinos

By jili tutorial · September 4, 2026

Merkur to Acquire Controlling Stake in Société Française de Casinos

Merkur Spielbanken Beteiligungs GmbH, a subsidiary of Merkur AG, has reached an agreement to acquire a controlling interest in Société Française de Casinos (SFC). This development marks a significant step in Merkur’s expansion within France’s regulated gambling market.

Deal Structure and Key Terms

On 27 August, Merkur signed a put option agreement with GPG Groupe Philippe Ginestet and DOFA, enabling the purchase of Casigrangi. Casigrangi is the parent company of the Le Stelsia casino group, which operates seven small to mid-sized casinos across France, along with related hospitality, restaurant, and entertainment businesses. Key casino locations include Megève, Granville, and Mimizan.

Additionally, Casigrangi controls SFC, which itself operates casinos in Châtel-Guyon, Collioure, Gruissan, and Port-la-Nouvelle.

Under the terms of the agreement, Merkur will acquire 95% of Casigrangi, while DOFA will retain a 5% interest, subject to reciprocal put and call options exercisable in the future. Casigrangi currently holds approximately 4,135,434 shares in SFC, amounting to 81.2% of its capital and voting rights, based on figures from 31 October 2025.

Merkur has agreed to pay an effective price of €6.19 per SFC share for the stake, representing a substantial premium over recent market valuations. This premium reflects both the control premium paid to the sellers and Merkur’s valuation for majority ownership.

Potential Delisting and Regulatory Hurdles

Since Merkur’s acquisition of Casigrangi would grant indirect control over SFC, French regulations require Merkur to launch a simplified mandatory tender offer for the remaining SFC shares it does not already hold. This tender offer will be at the same price of €6.19 per share.

If successful, Merkur intends to pursue a squeeze-out process, compelling minority shareholders to sell their shares, and subsequently delist SFC from Euronext Paris. These steps remain subject to regulatory approvals, including clearance from the French Autorité des Marchés Financiers (AMF) and the French Interior Ministry, which oversees ownership changes in gaming operators under Article L. 323-3 of the French Code de la sécurité intérieure.

Expected Timeline

The definitive share transfer agreement is expected to be signed following the completion of 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 in the first half of 2027, with the offer launch contingent on the regulator’s clearance. The transaction remains subject to customary closing conditions, including receipt of all necessary regulatory approvals.

SFC has projected its financial results for the 2025/26 fiscal year, with expected gross gaming revenue of approximately €22.5 million and net gaming revenue of €13.3 million.

Broader Industry Context

This acquisition follows another recent French omnichannel agreement, which saw Tipico and Betclic owner Banijay Entertainment’s gaming arm acquire JOA’s network of 33 regional casinos across France. Banijay did not disclose any financial details, except that the acquisition would be supported by funds managed by Blackstone and Kings Park Capital.

Merkur’s Expansion and Recent Developments

Merkur represents the gaming and leisure division of the Gauselmann Group, a historic German family-owned enterprise specialising in gaming machines, software, and casino operations across Europe. Earlier this year, Merkur Group agreed to acquire the slots provider White Hat Studios. Merkur said the acquisition, which is subject to regulatory approvals, would “further accelerate” its US expansion, complementing its 2025 purchase of the Nevada-licensed supplier Gaming Arts.

Framing the acquisition as the latest step in the company’s online expansion, Merkur supervisory board Chairman Michael Gauselmann stated: “Having made early inroads into the online space in Europe via our Blueprint acquisition in 2012, I am delighted by this latest development and am confident that White Hat Studios will be a great addition to our group.”

In recent weeks, the gambling sector paid tribute to Paul Gauselmann after the Merkur Group founder passed away at the age of 91.