Merkur Spielbanken, a subsidiary of Germany's Merkur AG, has signed an agreement to acquire a controlling stake in Société Française de Casinos (SFC), extending its footprint in France's regulated gambling market.
On August 27, Merkur entered a put option agreement with GPG Groupe Philippe Ginestet and DOFA to acquire Casigrangi, a holding company that owns the Le Stelsia casino group. Le Stelsia operates seven small and mid-sized casinos in France across Megève, Granville and Mimizan. Casigrangi also holds 81.21% of SFC shares (4,135,434 shares as of October 31, 2025). SFC runs casinos in Châtel-Guyon, Collioure, Gruissan and Port-la-Nouvelle.
Merkur will acquire 95% of Casigrangi's capital, with DOFA retaining 5% and mutual options for future transfer. The deal values SFC at €6.19 ($7.18) per share. The premium stands at 195.9% over the weighted average market price for the 240 trading days before August 27, 2026, 145.2% over 60 days, and 157.9% over the closing price on that date.
The Casigrangi purchase will give Merkur indirect control of SFC, triggering a mandatory tender offer under French law through regulator AMF for the remaining shares at the same €6.19 price. SFC's board will set up a committee to oversee an independent expert's assessment of the transaction's impact on the company, shareholders and staff.
After closing the offer, Merkur intends to squeeze out minority shareholders and delist SFC from Euronext Paris. The transaction is expected to close in the first quarter of 2027, with the offer launch planned for the first half of 2027.
SFC forecasts GGR of around €22.5 million ($26.1 million) for the 2025–2026 financial year, NGR of €13.3 million ($15.43 million), and EBITDA of €3.5 million ($4.06 million). Merkur, the gaming arm of German family group Gauselmann, is also expanding in the US: it recently agreed to acquire slot supplier White Hat Studios after buying Gaming Arts in 2025.
