Merkur Signs Deal to Gain Control of French Casino Operator SFC via Casigrangi Purchase

Merkur Spielbanken Beteiligungs GmbH has signed an agreement to acquire a controlling interest in Société Française de Casinos. The German group’s subsidiary entered a put option deal on August 27 with GPG Groupe Philippe Ginestet and DOFA for Casigrangi, the holding company that controls the Le Stelsia casino group and holds an 81.21% stake in SFC.

Le Stelsia runs seven casinos in locations including Megève, Granville and Mimizan together with related hospitality and entertainment businesses. SFC itself operates casinos in Châtel-Guyon, Collioure, Gruissan and Port-la-Nouvelle. Casigrangi’s stake equals 4,135,434 shares as of October 31, 2025.

Deal Pricing and Mandatory Offer Requirements

Merkur will purchase 95% of Casigrangi’s share capital for €6.19 per SFC share, with DOFA keeping 5% subject to reciprocal put and call options. The price delivers a 195.9% premium to the 240-trading-day volume-weighted average closing price before August 27, 2026, a 145.2% premium to the 60-day average and a 157.9% premium to the closing price that day.

Because the transaction confers indirect control of SFC, French rules require a simplified mandatory tender offer to the Autorité des Marchés Financiers at the same €6.19 level. SFC’s board is to form an ad hoc committee and engage an independent expert under AMF General Regulation to assess the offer’s merits for shareholders and employees. Success would open the path to a squeeze-out of minorities and delisting from Euronext Paris.

Timeline, Approvals and Financial Scale

Closing is targeted for the first quarter of 2027 after employee consultations and regulatory clearances, including authorization from the French Ministry of the Interior under Article L. 323-3 of the Code de la sécurité intérieure. The tender offer itself would launch in the first half of 2027 once clearances are obtained.

Based on first-half 2026 performance, SFC projects gross gaming revenue of €22.5 million for the 2025-2026 financial year, net gaming revenue of €13.3 million and EBITDA of €3.5 million. As reported by Yogonet International, the transaction follows Merkur’s recent purchase of slots provider White Hat Studios and its earlier acquisition of Gaming Arts.

Regulatory Clearance as Deciding Factor

French approval processes will set the effective timetable and any conditions attached to foreign control of licensed casino assets. Operators tracking cross-border consolidation will treat the outcome as a concrete benchmark for valuation acceptance and execution risk in this regulated segment.

Reporting: Yogonet International

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