Lottomatica and CIRSA have agreed an all-share combination bringing the two gambling groups together. The merger is expected to create a company with around EUR 2 billion in adjusted EBITDA, combining Lottomatica's Italian business with CIRSA's operations across Spain and several international markets.
Lottomatica shareholders will own around 67.5% of the combined company, with CIRSA shareholders holding about 32.5%. Blackstone is expected to retain an approximately 24% stake. CIRSA shareholders will also receive an extraordinary EUR 262 million dividend before completion.
The deal is expected to generate around EUR 115 million in annual run-rate synergies within three years, including about EUR 101 million in operating cost savings and EUR 14 million from lower interest costs, with savings expected across procurement, technology, trading, risk management, and shared services.
The combined group would generate 57% of adjusted EBITDA in Italy, 23% in Spain, and 20% in other markets. Online and sports would account for 48% of pro forma adjusted EBITDA, distributed gaming for 27%, and casinos for 25%. CIRSA's international footprint spans Colombia, Mexico, Panama, Peru, Portugal, Morocco, and several other countries.
The merger brings together contrasting business profiles. Lottomatica currently generates 79% of adjusted EBITDA from online and sports, while CIRSA generates 53% from casinos and 34% from distributed gaming, meaning the combined company will cover online gambling, sports betting, casinos, and land-based gaming.
Guglielmo Angelozzi will serve as Chairman and CEO of the combined group, with Laurence Van Lancker as Deputy CEO and CFO. CIRSA CEO Antonio Hostench will remain CEO of CIRSA, and Antonio Grau will continue as CIRSA CFO.
