Société Française de Casinos: Merkur Signs Acquisition at €6.19 per Share
German group Merkur signed on September 17, 2026 the definitive transfer agreement covering the indirect acquisition of a 95% stake in Casigrangi, the majority shareholder of Société Française de Casinos.
A 95% Stake in Casigrangi, SFC Shareholder at 81.21%
Société Française de Casinos (Euronext Paris: SFCA) announced on September 18, 2026, in accordance with the purchase undertaking concluded on August 28, 2026, the signing of a definitive transfer agreement dated September 17, 2026. This agreement concerns the acquisition by Merkur Spielbanken Beteiligungs GmbH, a subsidiary of Merkur.com AG fully owned by the Gauselmann Family Foundation, of a 95% stake in the capital of Casigrangi from GPG Groupe Philippe Ginestet and DOFA.
Casigrangi currently holds 4,135,434 SFC shares, representing approximately 81.21% of the capital and voting rights, based on a total of 5,092,470 shares and theoretical voting rights as of October 31, 2025. The price to be paid by Merkur to the sellers would result in a transparent price of €6.19 per SFC share.
The remaining 5% of Casigrangi's capital would remain held by DOFA and would be subject to cross put and call options, exercisable within a timeframe agreed upon from the completion of the transaction. The social and economic committee of the Casino de Gruissan issued a positive opinion on the transaction on September 2, 2026, and the employee information procedure for Casigrangi employees was completed on September 7, 2026.
Regulatory Approvals and Simplified Tender Offer Expected
The completion of the transaction remains subject to customary regulatory approvals, including authorization from the Ministry of the Interior required under Article L. 323-3 of the Internal Security Code, as well as other conditions, in particular the implementation of certain internal restructuring operations.
If the transaction is completed, Merkur will be obliged to file a simplified tender offer for the remaining SFC shares at the same price of €6.19 per share settled in cash. The AMF published an opinion regarding the start of the pre-offer period on August 28, 2026. Merkur indicated its intention, at this stage, to request the implementation of a mandatory withdrawal procedure and to delist SFC if the required conditions are met at the end of the offer.
The board of directors of SFC will establish an ad hoc committee to oversee the work of the independent expert appointed in accordance with Article 261-1 I of the AMF's General Regulations, and to prepare a draft reasoned opinion on the offer. It is anticipated that, if completed, the transaction would be finalized during the first quarter of 2027, with the offer potentially being filed with the AMF during the first half of 2027.
