Cirsa gains 74% more in the midst of a merger with Lottomatica
The gaming and leisure group recorded a profit of 128 million euros from January to September and billed 1.888 billion, 10% more.
Cirsa, a Spanish gaming and leisure company, reported a 74% increase in profit during the first nine months of the year, reaching 128 million euros. The company's revenue for the same period also grew by 10% to 1.888 million euros, driven by online betting activities which saw a 14% surge.
Cirsa's strong performance can be attributed to a 74% increase in EBITDA, reaching 548 million euros, and a reduction in financial costs by nearly 40 million euros. The company's chairman, Joaquim Agut, has been expanding Cirsa's operations through acquisitions in the first half of the year, including the purchase of Slots de Sol, a leading online gaming company in Paraguay, and Casino Figueira in Portugal.
Cirsa's results come as the company is in the process of merging with Italian competitor Lottomatica, announced at the beginning of September. The goal of the merger is to create a leading operator in the betting sector. Cirsa's valuation in the operation is estimated at 5.1 billion euros, while Lottomatica's valuation is 8.1 billion euros. The combined value of the merger is 13.2 billion euros.
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