Lottomatica Acquires Spanish Rival Cirsa to Create Second-Largest Listed Gaming Operator
Italian gaming company Lottomatica has agreed to acquire Spain's Cirsa in an all-share deal valued at approximately €2.8 billion, creating the world’s second-largest listed gaming and sports-betting operator. The merger will result in a combined entity with leading positions in Italy and Spain, as well as expanded presence in other growth markets. The transaction values Cirsa at 0.668 newly issued Lottomatica shares per Cirsa share, giving current Lottomatica shareholders about 67.5% of the new company and Cirsa shareholders around 32.5%. Blackstone, which owns Cirsa through a subsidiary, will hold approximately 24%, making it the largest individual shareholder. The merged entity is expected to generate over €4.4 billion in annual revenue and about €115 million in pretax synergies annually from operational efficiencies. The deal also includes financial incentives for shareholders: an immediate €262 million extraordinary dividend before closing, followed by a potential capital return of up to €744 million post-merger.
Topics: corporate_development gaming_industry sports-betting