jili tutorial

Lottomatica and Cirsa agree merger to form ‘second-largest listed global operator’

By jili tutorial · September 3, 2026

Lottomatica and Cirsa Agree Merger to Create ‘Second-Largest Listed Global Operator’

Overview of the Landmark Merger

Lottomatica and Cirsa have agreed to a blockbuster all-share merger, which will create the world’s second-largest listed gaming and sports betting operator. Announced on Wednesday, the deal is expected to close in the second quarter of 2027. The combined group is projected to achieve a pro forma adjusted EBITDA of approximately €2 billion ($2.3 billion).

Cirsa’s implied pro forma value, before accounting for synergies, corresponds to a multiple of roughly 6x its expected 2026 EV/EBITDA, which is forecast to land between €800 million and €820 million, based on the operator’s most recent earnings.

According to a joint press release, the merged company will hold “undisputed leadership positions” in both Italy and Spain. The group plans to maintain dual listings on the Milan and Spanish stock exchanges. Its total addressable market is estimated at up to €34 billion, combining all available markets—including Portugal, Mexico, and Colombia.

Lottomatica’s online and omnichannel capabilities are expected to accelerate Cirsa’s expansion in the digital gaming space.

Leadership Perspectives on the Deal

Lottomatica Chairman and CEO Guglielmo Angelozzi highlighted that the combination will create a more diversified business with significant growth opportunities.

“With the combination of Lottomatica and Cirsa, two extremely successful companies, we create the undisputed leader in Italy and Spain, among the best gaming markets globally, complemented by leadership positions in other very high growth geographies.”

Cirsa CEO Antonio Hostench added:

“I am delighted to embark on this exciting journey together. The combination of Cirsa and Lottomatica creates a world-class diversified gaming leader with leading positions across its core markets and significant opportunities to accelerate profitable growth.”

Deal Structure and Shareholder Impact

Lottomatica will absorb Cirsa through an EU cross-border statutory merger, with Lottomatica continuing as the surviving entity. Upon completion, current Lottomatica shareholders are expected to own approximately 67.5% of the share capital, while Cirsa’s shareholders will hold the remaining 32.5%.

Cirsa shareholders will receive 0.668 newly issued Lottomatica shares for each of their current shares. Meanwhile, Blackstone—Cirsa’s largest shareholder—is expected to become the largest single shareholder of the combined company, retaining around 24% of the share capital.

The deal is projected to deliver approximately €115 million in annual pre-tax cash synergies from operating expenses and interest cost savings. These savings are expected to be fully realized by the third full year after closing.

Leadership of the Combined Company

Angelozzi is set to serve as Chairman and CEO of the merged entity, while Lottomatica’s Deputy CEO and CFO Laurence Van Lancker will assume the same roles. Cirsa CEO Antonio Hostench and CFO Antonio Grau will continue to lead their respective teams at Cirsa.

Following deal completion and approval by Lottomatica’s general shareholder meeting, the combined company’s board will consist of the existing 11 Lottomatica directors, plus two new directors nominated by Blackstone.

Market Position and Financial Outlook

The companies delivered a presentation detailing their vision to create a “global gaming champion.” Lottomatica generated revenue of €2.26 billion in its fiscal year 2025, while Cirsa’s FY2025 group revenue reached €2.34 billion.

The combined company will surpass operators such as Bally’s, Intralot, Entain, and Allwyn to become the second-largest listed global operator by adjusted EBITDA, trailing only Flutter Entertainment.

Key financial projections include:

Van Lancker remarked that the merger combines the strengths of both businesses to create a larger, more diversified company with “greater scale and enhanced capabilities” to accelerate growth and deliver value. The enlarged group could generate up to €4 billion in capital returns within three years following deal completion.

Cirsa’s Acquisition Strategy

Cirsa has pursued an aggressive acquisition strategy in recent years. Most notably, it entered Portugal’s land-based casino market by acquiring a majority stake in Sociedade Figueira Praia, S.A., the owner and operator of Casino Figueira. Prior to that, Cirsa entered Paraguay through the acquisition of online slots operator Slots del Sol, and in 2024 it acquired Peru’s leading operator, Apuesta Total.

As of June 2025, Cirsa has completed over 130 acquisitions since 2015.