Lottomatica Group and CIRSA Enterprises have signed a cross-border merger plan under which Spanish operator CIRSA will be absorbed by Italy's Lottomatica. The deal requires shareholder and regulatory approval, with closing scheduled for Q2 2027.
CIRSA shareholders will receive 0.668 new Lottomatica shares for each CIRSA share held. Before completion, CIRSA will pay an extraordinary dividend of €1.56 per share, totalling around €262 million. After the merger, the combined company plans to return up to €744 million to shareholders through a special dividend, buyback or a combination of both.
The merged entity will keep the Lottomatica name, Rome headquarters and Euronext Milan listing; after closing it will apply for admission to the Madrid, Barcelona, Bilbao and Valencia exchanges. Guglielmo Angelozzi will remain chairman and CEO, with Laurence Van Lancker as deputy CEO and CFO. The board will expand from 11 to 13 seats, with Blackstone entitled to appoint two directors.
Lottomatica handled around €45 billion in bets in 2025, generating €2.3 billion in revenue. CIRSA holds online licences in Spain, Italy, Portugal, Peru, Colombia, Panama, Paraguay and Mexico, and operates in 11 countries. The shareholder vote is set for late November 2026. CIRSA shareholders who vote against the deal may exit at €13.20 per share minus dividends paid; the transaction will fail if dissenting shareholders exceed 5 per cent.
Regulatory filings have been submitted in Italy, Spain, Mexico, Morocco and to the relevant EU authorities. Independent expert BDO Auditores has deemed the exchange ratio fair.
