Lottomatica Group has announced an all-share merger with Spain's Cirsa Enterprises that will create the largest gaming operator in Italy and Spain. The combined group expects revenue above €4.4bn and EBITDA around €2bn for the twelve months ending 30 June 2026.
Cirsa shareholders will receive 0.668 new Lottomatica shares for each Cirsa share, giving them 32.5% of the merged entity. Existing Lottomatica investors will retain 67.5%. Italian analysts value Cirsa's enterprise worth at €2.8bn to €3bn. Before closing, Cirsa will pay an extraordinary dividend of €262m, or €1.56 per share.
Blackstone holds roughly 75% of Cirsa and will become Lottomatica's largest shareholder with approximately 24% of the capital. The US fund backed Cirsa since 2018 and took it public on the Madrid exchange in July 2025. The merger effectively replaces that standalone listing a year after the IPO.
The combined group will operate Lottomatica's retail and online business in Italy — including GoldBet and Planetwin365 — alongside Cirsa's casinos, gaming halls and slots in Spain, plus Latin American assets in Colombia, Panama, Peru and Mexico. Management forecasts €115m in annual synergies by the third year and expects to return up to €4bn to shareholders through dividends and buybacks over the first three years.
Guglielmo Angelozzi will continue as chief executive of the merged company. The board will expand to 13 members: 11 from Lottomatica and two from Blackstone. Headquarters will remain in Rome with a secondary office in Barcelona province. Shares will trade on Euronext Milan with a planned Spanish exchange listing. Closing is expected in the second quarter of 2027 pending shareholder and regulatory approval.
