France – Gaming1’s deal to buy SFC hit by COVID-19 closuresBy Phil - 26 May 2020
Belgian group Gaming1’s deal to take control of French casino group Société Française de Casinos via its French subsidiary Circus Casino France ‘has lapsed’ with the Belgian operator asking for a renegotiation of the financial conditions due to the financial crisis caused by the coronavirus pandemic.
Société Française de Casinos operates casinos in Gruissan, Port la Nouvelle, Collioure and Châtel-Guyon. SFC said the deal announced at the end of December was obsolete due to the activation of a suspensive condition by the Circus Group.
“Following the activation of a suspensive clause which enabled Circus Casino France to waive these transactions, in the event of the closure of establishments operated by the Group for more than 10 days. The Group’s casinos have in fact been closed by ministerial decision since March 15, 2020 as part of the Covid-19 health crisis. The expiry of the sale contracts ends the pre-offer period (the public offer being the consequence of the transfer of the blocks to the transferee).”
“Circus Casino France has informed the transferring shareholders and the Société Française de Casinos of its desire to pursue this acquisition project but under new financial conditions which take into account the consequences of the current health crisis on the activities and financial performance of the Group. No agreement has been reached at this stage following this request.”
The SFC ‘will keep the market informed of any significant development in the planned transactions.’