Lottomatica has finalised an agreement to absorb Cirsa, creating a new global leader in betting. Cirsa shareholders will receive Lottomatica shares in exchange for their stake in the Spanish company.
The Italian group Lottomatica has formalised an agreement to absorb Cirsa, a move that will result in a leading operator in the betting and gaming sector globally. According to expansion.com, this merger will result in an entity with an adjusted proforma EBITDA of approximately 2 billion euros.
Shareholders of Cirsa will receive 0.668 new shares of Lottomatica for each share they own, granting them nearly 32.5% of the capital of the new company. Before completing the merger, the Spanish operator will distribute an extraordinary dividend of 262 million euros to its shareholders.
The operation is expected to be effective in the second quarter of 2027, and the shares of the new entity will continue to be traded on Euronext Milan and will also begin trading on the Spanish Stock Exchanges.
With this merger, Cirsa will cease to exist as an independent entity, although it will not undergo any liquidation process, according to the information presented to the National Securities Market Commission (CNMV).
The transaction is anticipated to generate approximately 115 million euros annually in cash synergies before taxes, primarily through savings in operating costs. This merger also aims to enhance Cirsa's online expansion in its key markets, leveraging Lottomatica's expertise.
Blackstone, the majority shareholder of Cirsa, will become the main shareholder of the new company, owning approximately 24% of the capital. The board of directors will consist of thirteen members, eleven from Lottomatica and two proposed by Blackstone.
The merger follows the strong results of Cirsa, which closed the first half of 2026 with a net profit of 94.7 million euros, an increase of 85% compared to the same period last year.
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