Italy's Lottomatica and Spain's Cirsa have agreed to merge, creating the world's second-largest listed gambling operator by adjusted EBITDA. The transaction is scheduled to close in the second quarter of 2027.
The combined entity will deliver pro-forma EBITDA of around €2 billion. Cirsa has been valued at 6x its expected 2026 EBITDA of €800–820 million. Lottomatica shareholders will hold 67.5% of the equity, Cirsa owners 32.5%. Blackstone will become the largest shareholder with approximately 24%.
The group will take leading positions in Italy and Spain, which together will account for 80% of EBITDA. Total addressable market, including Portugal, Mexico and Colombia, is estimated at €34 billion. By EBITDA the new structure will rank ahead of Entain, Bally's, Intralot and Allwyn, trailing only Flutter Entertainment.
Lottomatica reported revenue of €2.26 billion for the 2025 financial year, Cirsa €2.34 billion. In the combined company's EBITDA mix, online sports betting will represent 48%, distributed gaming 27%, casinos 25%. Expected synergies stand at €115 million per year pre-tax, to be realised by the third year after closing.
Guglielmo Angelozzi will remain CEO of the merged company, with Laurence Van Lancker as deputy finance head. Antonio Hostench and Antonio Grau will continue leading Cirsa's teams. Shares will be listed in Milan and Madrid. The companies forecast returning up to €4 billion of capital to shareholders over three years following the deal.
