Italian operator Lottomatica will merge with Spanish rival CIRSA Enterprises in an all-share deal that creates the world's second-largest listed gaming company by market capitalisation, behind Flutter.
CIRSA shareholders receive 0.668 newly issued Lottomatica shares per share held, giving them 32.5% of the combined group. The exchange values CIRSA at €16.55 per share, a 21% premium to the closing price. Analysts peg the company at €2.8–3 billion. Combined revenue will exceed €4.4 billion, with EBITDA around €2 billion for the twelve months ending 30 June 2026. Management expects €115 million in annual synergies by year three.
Blackstone becomes the largest shareholder with roughly 24%. The fund has held 75% of CIRSA since 2018 and took the company public in Madrid in July 2025. CIRSA will pay €262 million in extraordinary dividends (€1.56 per share) before closing, then another €744 million in dividends or buybacks afterward. Over three years the group plans up to €4 billion in shareholder returns.
The deal combines Lottomatica's Italian retail and online operations—GoldBet and Planetwin365—with CIRSA's Spanish casinos, gaming halls and online business. Land-based venues generate 53% of CIRSA's EBITDA. CIRSA brings exposure to Latin America: Colombia, Panama, Peru, Mexico.
Lottomatica CEO Guglielmo Angelozzi remains chief executive. Headquarters will operate from Rome and Barcelona. Shares stay listed on Euronext Milan; the group will add a Spanish listing. Close is expected in Q2 2027 pending shareholder and regulatory approval.
Lottomatica stock fell 9.6% on the announcement; CIRSA rose 17%. JPMorgan called the transaction strategically sound, with Lottomatica using equity to acquire a cheaper asset while keeping control.
