Lottomatica Group and CIRSA Enterprises have approved a merger plan under which Lottomatica absorbs CIRSA, with €744 million ($831 million) returning to shareholders once the deal closes.
The plan formalises the combination announced on 2 September 2026. CIRSA will cease to exist as a legal entity without liquidation, and Lottomatica carries all assets and liabilities. CIRSA shareholders receive 0.668 new Lottomatica shares for each CIRSA share exchanged, plus an extraordinary dividend of €1.56 ($1.74) a share before completion, about €262 million ($293 million) in total. After closing, Lottomatica plans a further €744 million capital return through a special dividend, a voluntary buyback or both.
Deal terms
The combined group targets annual revenue above €4.5 billion ($5.03 billion) and adjusted EBITDA of about €2 billion ($2.24 billion). Management expects €180 million of operating synergies and says the group would lead the market in Italy and Spain and rank as the second-largest listed gambling group in the world. Growth priority markets are Latin America (Mexico, Costa Rica, Panama, Colombia, Peru, Paraguay), the Caribbean (Dominican Republic, Puerto Rico) and Morocco. Over the three years after the merger, the capital return to shareholders could reach €4 billion.
Leadership and approvals
Guglielmo Angelozzi keeps the chairman and CEO roles, with Laurence Van Lancker as deputy CEO and CFO. Antonio Hostench and Antonio Grau continue to run CIRSA as CEO and CFO. Blackstone, CIRSA's majority owner, gains the right to nominate two directors, taking the Lottomatica board from 11 to 13 members. Headquarters stay in Rome.
The deal needs antitrust clearance in Italy, Spain, Mexico and Morocco, plus approvals on foreign investment and EU subsidies. Extraordinary shareholder meetings of both companies are set for late November 2026.
