Lottomatica and Cirsa have announced an all-share merger, under which Lottomatica will absorb the Spanish operator in a deal valued at $3.2 billion.
According to the companies, the merger will create the world’s second-biggest gaming and sports betting operator, as it’s set to generate around $2.32 billion in pro forma adjusted EBITDA. The number would come right after Flutter, which expects full-year 2026 guidance of $2.66 billion.
Chairman and CEO of Lottomatica, Guglielmo Angelozzi, commented:
“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.”
After the deal is finalized, Lottomatica shareholders will own 67.5% of the share capital, with the remaining 32.5% being held by Cirsa’s shareholders. Additionally, Cirsa’s biggest shareholder, Blackstone, will own approximately a 24% stake in the merged company, becoming its biggest shareholder.
CEO of Cirsa, 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.”
The combined company will retain its listings both in Italy and Spain when the deal is completed in Q2 2027.
