Company Française de Casinos (SFC, Euronext Paris: SFCA) announced on 17 September 2026 the signing of the definitive sale agreement relating to its indirect acquisition by Merkur Spielbanken Beteiligungs GmbH, an entity wholly owned by the Gauselmann Family Foundation. The transaction covers a 95% stake in the capital of Casigrangi, which itself holds 81.21% of SFC’s share capital and voting rights, equivalent to 4,135,434 shares.
The sellers of this stake are GPG Groupe Philippe Ginestet and DOFA, with the latter retaining the remaining 5% of Casigrangi’s capital under cross put-and-call options exercisable once the transaction completes. The signing follows a favourable opinion issued on 2 September 2026 by the Casino de Gruissan’s social and economic committee, and the completion, on 7 September, of the employee information process at Casigrangi.
A price of €6.19 per share, with a tender offer to follow
The price paid by Merkur to the sellers implies a look-through valuation of €6.19 per SFC share. This same price will form the basis for the simplified public tender offer that Merkur will be required to file for the remaining SFC shares not held, directly or indirectly, once the transaction is completed.
The Autorité des marchés financiers (AMF) published a notice on 28 August 2026 announcing the opening of the pre-offer period. Should the legal and regulatory conditions be met following the offer, Merkur intends, at this stage, to pursue a squeeze-out procedure and take SFC off the Paris exchange.
Completion subject to regulatory approvals
Completion of the transaction remains conditional on obtaining the usual regulatory approvals, including that of the Ministry of the Interior under Article L. 323-3 of the Internal Security Code, as well as on certain internal restructuring steps. SFC’s board of directors will also set up an ad hoc committee to oversee the work of the independent expert to be appointed in accordance with the AMF’s general regulation, tasked with preparing a draft reasoned opinion on the offer’s merits for the company, its shareholders and its employees.
According to the announced timetable, the transaction is expected to be completed in the first quarter of 2027, with the tender offer expected to be filed with the AMF during the first half of that year, once the regulator has published the official calendar.
Two French casino groups brought together under a German flag
Company Française de Casinos directly operates four venues, in Châtel-Guyon, Collioure, Gruissan and Port-la-Nouvelle, where table games and slot machines make up the bulk of activity, complemented by hotel, catering and entertainment offerings. Casigrangi, for its part, operates three casinos in Granville, Megève and Mimizan, on a similar business model.
The deal forms part of a broader wave of consolidation in Europe’s casino sector, coming just weeks after Italy’s Lottomatica acquired Spain’s CIRSA in a deal valued at €2.8 billion. In France, the sector remains under close watch, with land-based casino operators — starting with Groupe Barrière and its strategic balance between gaming and luxury hospitality — keeping a close eye on the market’s planned opening to online casinos.
Merkur, a century-old family group in gaming and entertainment
Founded by the Gauselmann family and based in Germany, the Merkur group has spent nearly 70 years developing, manufacturing and distributing slot machines, gaming applications and cash management systems. The group also operates arcades and casinos, including on board cruise ships, and is active in sports betting and online gaming. In 2024, Merkur employed more than 15,000 people worldwide and generated annual revenue of over €2 billion.
The acquisition of the majority stake in SFC marks a new step in the German group’s expansion in the French gaming market, a sector where established operators are seeking to consolidate their positions ahead of the anticipated opening of online casinos.
At a glance by The Hospitality Tribune
Merkur to acquire majority stake in Company Française de Casinos
Deal: Merkur Spielbanken Beteiligungs GmbH (Gauselmann Group) signs definitive agreement to acquire 95% of Casigrangi, which holds 81.21% of SFC (Euronext Paris: SFCA)
Price: €6.19 per SFC share, transparency price to be mirrored in the mandatory simplified tender offer
Sellers: GPG Groupe Philippe Ginestet and DOFA
Portfolio: SFC operates 4 casinos (Châtel-Guyon, Collioure, Gruissan, Port-la-Nouvelle); Casigrangi operates 3 (Granville, Megève, Mimizan)
Timeline: completion expected Q1 2027, tender offer expected H1 2027, with intended delisting of SFC
Merkur profile: Germany-based, founded ~70 years ago, over €2 billion revenue and 15,000+ employees worldwide (2024)
