Merkur to Acquire 95 Percent Stake in Casigrangi for Control of SFC and Planned Euronext Delisting

Merkur Spielbanken Beteiligungs GmbH has agreed to acquire a controlling interest in Société Française de Casinos (SFC). The transaction gives the German group indirect control over multiple casinos in the regulated French market through the purchase of holding company Casigrangi.

The put option agreement was signed on 27 August with GPG Groupe Philippe Ginestet and DOFA. Casigrangi owns the Le Stelsia casino group, which runs seven small to mid-sized casinos including those in Megève, Granville and Mimizan. It also controls SFC, operator of casinos in Châtel-Guyon, Collioure, Gruissan and Port-la-Nouvelle. According to iGaming Business, Casigrangi holds 4,135,434 shares in SFC, equal to 81.2 percent of capital and voting rights as of 31 October 2025.

Deal Terms and Mandatory Offer Requirements

Merkur will buy 95 percent of Casigrangi while DOFA retains 5 percent, subject to reciprocal put and call options. The effective price is €6.19 per SFC share, paid at a premium that reflects both the control stake and majority ownership value. This triggers a simplified mandatory tender offer for the remaining SFC shares at the identical €6.19 price.

If the tender succeeds, Merkur plans a squeeze-out of minority shareholders followed by delisting SFC from Euronext Paris. The steps require clearance from the Autorité des Marchés Financiers (AMF) and the French Interior Ministry under Article L. 323-3 of the French Code de la sécurité intérieure. SFC forecasts gross gaming revenue of €22.5 million and net gaming revenue of €13.3 million for the 2025/26 fiscal year. Definitive transfer is expected after employee consultation procedures, with closing targeted for the first quarter of 2027 and the tender offer filed in the first half of that year.

Execution Risks in French Casino Consolidation

The acquisition follows Banijay Entertainment’s purchase of JOA’s network of 33 regional casinos, backed by Blackstone and Kings Park Capital funds. Merkur, the gaming division of the Gauselmann Group, recently completed its 2025 acquisition of Gaming Arts and is awaiting approvals on the White Hat Studios purchase to expand in the United States. The deal arrives weeks after tributes to Merkur Group founder Paul Gauselmann, who passed away at age 91.

Regulatory approvals and employee consultations introduce material timing risk to the Q1 2027 target. French gaming ownership rules add a distinct layer that offshore or less experienced buyers often underestimate. Operators and investors assessing similar European land-based assets should price in these sequential clearances and the control premium required in a consolidating but tightly supervised market. Execution speed will set the benchmark for future French casino deals.

Reporting: iGaming Business (iGB)

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