Merkur Spielbanken Pursues Majority Stake in French Casino Operator Through Strategic Put Option Deal
Germany's Merkur Spielbanken Beteiligungs GmbH, a subsidiary of Merkur AG, entered into a put option agreement on August 27, 2026 that positions the company to acquire a 95 percent stake in Casigrangi, the holding company behind the Le Stelsia casino group; the transaction would deliver indirect control over Société Française de Casinos, or SFC, which runs multiple casino properties across France.
Transaction Framework and Valuation Details
The agreement centers on a carefully structured put option that grants Merkur Spielbanken the right to purchase the controlling interest, and observers note the deal values SFC shares at €6.19 each, a figure that represents a notable premium over recent trading levels on Euronext Paris; this pricing structure reflects the strategic importance of gaining access to established French gaming licenses and physical casino assets that operate under Le Stelsia.
Industry reports indicate the transaction remains subject to several standard conditions, including mandatory employee consultations, approvals from relevant regulatory bodies such as the French Ministry of the Interior, and satisfaction of additional closing requirements typical in cross-border gaming acquisitions; once completed, the structure calls for a mandatory tender offer to remaining shareholders, followed by a squeeze-out of minority interests and eventual delisting of SFC from Euronext Paris.
Regulatory and Operational Path Forward
Regulatory clearance stands as the primary hurdle, since French casino operations fall under strict oversight that requires explicit authorization from the Ministry of the Interior before any change in control can take effect; analysts tracking the sector point out that similar deals in recent years have navigated comparable review processes, often stretching timelines into subsequent quarters while companies address employment protections and competition concerns.
The planned tender offer would give all SFC shareholders the opportunity to sell at the agreed €6.19 price, after which the squeeze-out mechanism would consolidate full ownership under the new structure; delisting from Euronext Paris would follow, removing the company from public market reporting obligations and aligning it more closely with Merkur's private operational model.
Timeline and Market Context
Closing remains targeted for the first quarter of 2027, assuming all conditions receive timely approval; the September 2026 announcement of the put option agreement has already prompted market participants to adjust expectations around SFC's trading activity, while Merkur positions itself for expanded presence in the French casino sector through the Le Stelsia portfolio.
Company share capital and voting rights data as of 31 October 2025 provided the baseline for calculating the 95 percent stake and associated tender mechanics, ensuring precise ownership thresholds are met during the post-closing phase.
Conclusion
The put option agreement marks a significant step for Merkur Spielbanken Beteiligungs GmbH as it moves toward indirect ownership of multiple French casino operations, with the €6.19 share valuation, mandatory tender process, and Q1 2027 target date establishing clear parameters for completion; regulatory approvals and employee consultations will determine whether the deal proceeds on schedule, while the subsequent squeeze-out and delisting steps would finalize SFC's transition to private ownership under the new controlling entity.