Merkur to take control of France's SFC at €6.19 a share, eyeing delisting
What's the deal? Germany's Merkur Spielbanken Beteiligungs GmbHDealroom has a profile for this one. Try Dealroom → has agreed to acquire a 95% stake in CasigrangiDealroom has a profile for this one. Try Dealroom →, the holding company behind France's "Le Stelsia" casino group. The deal, structured through a put option agreement signed on August 27, 2026, would give Merkur indirect control of Société Française de Casinos (SFC)Dealroom has a profile for this one. Try Dealroom →, listed on Euronext Paris.
How it works: Casigrangi holds about 81.21% of SFC's share capital and voting rights. The price implies €6.19 per SFC share by transparency, triggering a mandatory simplified tender offer on the remaining shares at the same price.
Casigrangi operates seven small to mid-size casinos across France, in Megève, Granville, Mimizan and, through SFC, in Gruissan, Port-la-Nouvelle, Collioure and Châtel-Guyon, alongside related hotel, restaurant and entertainment businesses.
The premium: At €6.19 per share, the offer represents a 157.9% premium to SFC's closing price on August 27, 2026, and a 195.9% premium to the volume-weighted average price over the prior 240 trading days.
What's the endgame? If regulatory conditions are met, Merkur intends to request a squeeze-out and delist SFC. Merkur, a subsidiary of MERKUR.COM AGDealroom has a profile for this one. Try Dealroom → owned by the Gauselmann Family FoundationDealroom has a profile for this one. Try Dealroom →, said the combination pairs Casigrangi's "proven track record, resilience, and market expertise" with its "pan-European footprint" to expand in France.
What could go wrong? The deal faces several hurdles. Signing the definitive agreement requires employee consultation procedures at Casigrangi and the Casino de GruissanDealroom has a profile for this one. Try Dealroom → works council, while completion needs regulatory clearances, including approval from the French Ministry of Interior.
Why now? If signed and completed, the transaction would close in the first quarter of 2027, with the tender offer filed with the French Market Authority (AMF) in the first half of 2027. SFC's board will form an ad hoc committee to appoint an independent expert and issue a reasoned opinion.
The signal: The move marks a cross-border push by a German gaming operator into France's regulated casino market. By absorbing a listed regional operator and taking it private, Merkur signals appetite for consolidation as European gaming groups scale beyond their home markets.
Read more: centralcharts.com
Image credit: holidaypointau
