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Lottomatica & Cirsa Agree to Merge and Create a “Global Gaming Champion”

By jili tutorial · September 3, 2026

Lottomatica and Cirsa Agree to Merge, Forming a “Global Gaming Champion”

Italian gaming operator Lottomatica has announced a merger with Spanish rival Cirsa, a deal that company executives say will create a “global gaming champion.” The all-share transaction unites two of Europe’s largest gaming groups, combining Lottomatica’s dominance in Italy with Cirsa’s strong presence in Spain and other markets.

The Deal Is Expected to Unlock Significant Synergies

Lottomatica, long the market leader in Italy, has been eyeing international expansion. The merger with Cirsa gives the combined entity a solid foothold in two of Europe’s most important gaming markets: Italy and Spain.

Industry analysts project that the merged company will generate annual adjusted EBITDA of approximately €2 billion ($2.3 billion). Under the terms of the deal:

Before the deal closes, Cirsa shareholders will receive a dividend of €1.56 ($1.81) per share, totaling €262 million ($303.7 million). After completion, the combined company plans to return €744 million ($862.4 million) to shareholders through a partial voluntary tender offer and/or an extraordinary dividend.

Share buybacks will continue before and after closing, with expectations of returning approximately €4 billion ($4.6 billion) to shareholders over the next three years. Analysts estimate that within three years of completion, the merger’s synergies will reach €115 million ($133.3 million). At closing, the company’s net leverage will stand at roughly 2.7x, with a deleveraging target to bring it to a range of 2.0–2.5x.

The Combined Business Will Retain Its Existing Leadership Team

The announcement also clarified the leadership structure of the new entity, confirming the following roles:

Angelozzi has served as Lottomatica’s CEO since 2014 and became chair in 2025. Van Lancker continues as Lottomatica’s CFO. Similarly, Cirsa’s CEO and CFO, Hostench and Grau, retain their positions. Blackstone will nominate two additional directors to the board.

Notably, Blackstone—which could have exited its investment—chose to remain, signaling strong confidence in the merger’s potential. However, not all analysts were impressed. Regulus Partners called the company’s financial targets “staggeringly unambitious,” striking a more cautious note on the deal’s outlook.