Lottomatica and Cirsa to Merge and Create Global Gaming Giant
Italy.- 3 September 2026 | www.zonadeazar.com Lottomatica Group and Cirsa Enterprises have entered into a binding agreement to combine their businesses through an all-share cross-border merger.
Under the transaction, Cirsa will be absorbed into Lottomatica and will cease to exist as an independent legal entity.
The combined group will retain the Lottomatica name and, according to the companies, will become the world’s second-largest listed gaming and sports-betting operator.
EBITDA Approaching €2 Billion
The combined company is expected to generate pro forma adjusted EBITDA of approximately €2 billion.
The transaction brings together two operators holding leading positions in Italy and Spain alongside significant exposure to other international markets.
The companies estimate their combined addressable market at approximately €34 billion.
Cirsa to Be Absorbed by Lottomatica
The transaction will be implemented as an EU cross-border statutory merger.
Cirsa will be absorbed by Lottomatica, which will remain the surviving legal entity.
The combined company will retain its registered office, headquarters and tax domicile in Rome, Italy.
A secondary headquarters for Cirsa will remain in the Barcelona area.
Ownership Structure
Following completion, existing Lottomatica shareholders are expected to own approximately 67.5% of the enlarged company.
Current Cirsa shareholders will hold the remaining 32.5%.
Cirsa shareholders will receive 0.668 newly issued Lottomatica shares for each Cirsa share held.
Blackstone to Become Largest Shareholder
Blackstone, currently Cirsa’s largest shareholder, is expected to become the largest individual shareholder in the combined business.
Its expected stake will be approximately 24%.
Subject to the relevant approvals, Blackstone will also be represented by two directors on the board of the enlarged company.
€2.8 Billion Transaction
The all-share transaction implies a valuation of approximately €2.8 billion for Cirsa.
The implied valuation corresponds to roughly six times Cirsa’s projected 2026 EBITDA before expected synergies.
Leadership in Italy and Spain
The combination brings together two businesses with strong positions in their domestic markets.
Lottomatica is one of Italy’s leading gambling operators, while Cirsa holds a major position in Spain and has an extensive presence across Latin America.
Together, the companies say they hold nine market-leading positions across their footprint.
International Footprint
The enlarged company will have exposure to markets across Europe and Latin America.
Key jurisdictions include:
- Italy.
- Spain.
- Panama.
- Colombia.
- Mexico.
- Peru.
- Portugal.
- Morocco.
The combination is intended to create a more diversified platform and reduce reliance on individual markets.
Cirsa’s Land-Based Network
Cirsa brings an extensive retail gaming footprint to the combined business.
The company operates approximately 450 gaming venues, more than 85,000 gaming machines and around 2,300 sports-betting points.
This land-based infrastructure will complement Lottomatica’s established omnichannel and digital capabilities.
Accelerating Online Growth
A central strategic objective will be to accelerate Cirsa’s digital expansion.
Lottomatica intends to use its technology capabilities and omnichannel expertise to support both organic and inorganic online growth across Cirsa’s core markets.
The transaction is expected to create stronger integration between retail and digital operations.
€115 Million in Annual Synergies
The companies expect approximately €115 million in annual pre-tax cash synergies.
Savings are expected to come primarily from:
- Operating-cost efficiencies.
- Lower financing costs.
- Organisational integration.
- Greater operating scale.
The full benefits are expected to be realised by the third full year following completion.
Capital Returns
Lottomatica intends to maintain significant shareholder distributions after the merger.
Its Board expects to propose up to €4 billion in capital returns during the three years following completion.
These distributions will remain subject to annual shareholder approval.
Listings in Italy and Spain
Lottomatica shares will continue to trade on Euronext Milan.
Following completion, the enlarged company’s shares are also expected to be admitted to trading on Spanish stock exchanges.
The dual-market presence is expected to increase free float and liquidity.
Management Structure
Guglielmo Angelozzi will continue as Chairman and CEO of Lottomatica.
Within Cirsa’s operations, Antonio Hostench will remain Chief Executive Officer and Antonio Grau will serve as Chief Financial Officer.
The enlarged business intends to retain experienced management capabilities from both companies.
Statements
Guglielmo Angelozzi said the combination would create an undisputed leader in Italy and Spain while adding leadership positions in other high-growth jurisdictions.
He also highlighted increased growth opportunities, particularly online, while maintaining strong capital-return potential.
Lottomatica Deputy CEO and CFO Laurence Van Lancker said the transaction brings together two businesses with complementary capabilities, strong expertise and proven track records of growth and execution.
Required Approvals
Several conditions must still be satisfied before completion.
These include:
- Approval by Lottomatica and Cirsa shareholders.
- Antitrust clearances.
- Foreign-direct-investment approvals.
- EU Foreign Subsidies Regulation clearance.
- Gaming regulatory approvals.
- Completion of stock-exchange listing requirements.
Extraordinary shareholder meetings are expected to take place before the end of 2026.
Completion Expected in 2027
The merger is expected to become effective during the second quarter of 2027.
Until then, both companies will continue operating independently while completing the necessary corporate and regulatory processes.
Industry Context
The transaction represents one of the largest recent consolidation moves in international gaming.
The sector continues to move towards larger groups capable of combining land-based gaming, sports betting and online casino operations across multiple regulated markets.
The Lottomatica-Cirsa combination will significantly increase scale across both European and Latin American markets.
Next Steps or Impact
Lottomatica and Cirsa will now prepare the joint merger plan and additional documentation required for shareholder and regulatory approval.
If completed, the enlarged company will hold leading positions in Italy and Spain, extensive international operations and adjusted EBITDA approaching €2 billion.
The transaction will also make Blackstone the largest individual shareholder and create one of the world’s largest omnichannel gaming and sports-betting groups.
Editó: @fonta
