Lottomatica to Acquire Cirsa in All-Share Deal

M&A · Partnership
โดย Yahoo Finance·ITES·Read original
Summary · why it matters

Lottomatica has agreed to acquire Spanish rival Cirsa in an all-share deal that will create the world's second-largest listed gaming and sports-betting operator. The transaction values Cirsa at about €2.8 billion, or roughly $3.2 billion, with Cirsa shareholders receiving 0.668 newly issued Lottomatica shares for each Cirsa share. Upon completion, current Lottomatica shareholders will own about 67.5% of the combined company, while Cirsa shareholders will hold around 32.5%. Blackstone, which controls Cirsa, is expected to own about 24% of the enlarged company and will appoint two directors to the 13-member board. The merged business will keep the Lottomatica name, remain headquartered in Rome, and maintain a secondary base in Barcelona, with listings in Milan and expected trading on Spanish exchanges. The combined group is projected to generate around €2 billion in pro forma adjusted EBITDA and more than €4.4 billion in annual revenue, with about €115 million in annual pretax cash synergies. Cirsa plans to pay a €262 million extraordinary dividend before the merger, and Lottomatica plans to propose a further €744 million capital return after completion, targeting up to €4 billion in total capital distributions over the first three years. Completion is expected in the second quarter of 2027, subject to approvals.

Impact on stocks 3

Artificial Intelligence▲ · 2 stocks
Blackstone Group Inc
BX
▲ PositiveCapitalrelevance

Blackstone, which controls Cirsa, will own about 24% of the enlarged Lottomatica-Cirsa company and appoint two directors after the all-share merger.

Others▲ · 1 stocks

Off-coverage companies 1

Cirsa Enterprises SAPrivate▲ Positive
Capitalrelevance

Cirsa is being acquired by Lottomatica in an all-share deal valuing it at about €2.8 billion, with its shareholders receiving Lottomatica shares and a €262 million pre-merger dividend.

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