Merkur is preparing to strengthen its position in France through a deal that would give the German gaming group indirect control of listed casino operator Société Française de Casinos (SFC).
Merkur Spielbanken Beteiligungs GmbH, a subsidiary of MERKUR.COM AG, signed an agreement on 27 August to acquire 95% of Casigrangi from GPG Groupe Philippe Ginestet and DOFA. Casigrangi is the holding company behind the Le Stelsia casino group and currently owns 81.21% of SFC’s share capital and voting rights.
DOFA would retain the remaining 5% of Casigrangi, with the parties also agreeing reciprocal put and call options covering that minority stake.
The acquisition would expand Merkur’s presence across France’s regulated land-based casino sector. Casigrangi controls seven small and medium-sized casinos, including properties in Megève, Granville and Mimizan, as well as SFC-operated venues in Gruissan, Port-la-Nouvelle, Collioure and Châtel-Guyon. The group also operates associated hotel, restaurant, entertainment and events businesses.
The transaction implies a value of €6.19 for each SFC share. Casigrangi currently owns 4,135,434 SFC shares, and the proposed price includes the value Merkur has attached to securing a controlling position in the business.
Because the Casigrangi purchase would result in Merkur gaining indirect control of SFC, the company would be required to submit a simplified mandatory tender offer for the remaining SFC shares. Merkur plans to offer the same €6.19 per-share price to minority investors.
If the tender process gives Merkur sufficient ownership, it intends to carry out a squeeze-out of the remaining shareholders and remove SFC from trading on Euronext Paris. The process will require approval from the Autorité des Marchés Financiers and other French authorities overseeing ownership changes involving casino operators.
A definitive share purchase agreement is expected after employee information and consultation procedures have been completed at Casigrangi and the Casino de Gruissan. Closing is targeted for the first quarter of 2027, subject to regulatory approvals and customary conditions.
Merkur expects to submit the mandatory tender offer to the AMF during the first half of 2027 following completion of the acquisition.
SFC expects to generate approximately €22.5 million in gross gaming revenue and €13.3 million in net gaming revenue during its 2025-26 financial year.