{
  "id": 5042518,
  "title": "Lottomatica to absorb Cirsa in $3.7 billion all-share gaming deal",
  "url": "https://urgent.news/2026/09/02/lottomatica-to-absorb-cirsa-in-3-7-billion-all-share-gaming-deal",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-02T07:34:18.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/stock-market-news/lottomatica-to-absorb-cirsa-in-37-billion-allshare-gaming-deal-4885421"
  },
  "original_language": "en",
  "account": "Italian gaming firm Lottomatica (LTMC) is set to acquire Spain's Cirsa Enterprises in a €3.7 billion all-share merger, creating one of the world's largest public gaming and sports-betting groups. Each Cirsa shareholder will receive 0.668 newly issued Lottomatica shares for every Cirsa share held. Lottomatica will control roughly 67.5% of the combined company, while Cirsa shareholders will own about 32.5%.\n\nFollowing the merger, Blackstone, which controls Cirsa through LHMC Midco, will become the largest individual shareholder, holding around 24% of the enlarged company. As of September 1, 2023, at Lottomatica's closing price of €24.77, the exchange ratio suggests each Cirsa share is valued at approximately €16.55, representing a 21% premium to Cirsa's previous close and valuing the Spanish gaming company at about €2.8 billion.\n\nThe combined entity is expected to generate about €2 billion in pro forma adjusted EBITDA for the fiscal year ending June 30, 2027, with annual revenue expected to exceed €4.4 billion. The merger is projected to generate around €115 million in annual pretax cash synergies.\n\nIn a pre-merger move, Cirsa will distribute an extraordinary dividend of €262 million, or €1.56 per share, to its shareholders. Post-merger, Lottomatica plans to offer shareholders a further €744 million in capital returns via a partial voluntary tender offer, an extraordinary dividend, or a combination of both.\n\nStrategically, the deal enhances Lottomatica's international scale while integrating Cirsa's established operations across Spain and other markets. Lottomatica already holds a strong presence in Italy and a growing online business, whereas Cirsa operates in gaming, casinos, slots, and online betting with recent acquisitions.\n\nCirsa reported €637 million in operating revenue and €202 million in operating profit in the second quarter of 2023, with operating profit increasing 8.3% year over year. Cirsa's online gaming and sports-betting revenue grew 14.9% in the first half, and first-half operating profit rose 8.4%. Lottomatica also reported strong growth, with €856 million in adjusted EBITDA in 2023, up 21%, and adjusted net profit of €369 million, up 45%. The merger occurs shortly after Cirsa's public-market debut, allowing Blackstone to retain significant exposure through a large stake in the combined listed company.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Seeking Alpha News",
        "title": "Italy's Lottomatica to merge with Spain’s Cirsa in all-share deal",
        "url": "https://urgent.news/2026/09/02/italys-lottomatica-to-merge-with-spains-cirsa-in-all-share-deal",
        "published": "2026-09-02T06:53:45.000Z"
      },
      {
        "outlet": "Private Equity Wire",
        "title": "Blackstone to roll Cirsa stake into Lottomatica merger, creating global gaming player",
        "url": "https://urgent.news/2026/09/02/blackstone-to-roll-cirsa-stake-into-lottomatica-merger-creating",
        "published": "2026-09-02T08:01:25.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}