Lottomatica has announced to investors that it has agreed terms with Blackstone to absorb CIRSA, creating a significant new force in European and South American gambling.
Italian analysts believe Lottomatica has placed a corporate valuation on CIRSA in the range of €2.8 billion to €3 billion, though the figure has not been officially confirmed.
The merger is expected to create what the companies describe as “global gambling’s second-largest listed betting and gaming operator” once the transaction is finalised.
The combined business is projected to generate income of more than €4.4 billion and pro-forma adjusted EBITDA of approximately €2 billion for the 12 months ending 30 June 2026.
Lottomatica stated: “The proposed combination will create a global leading sports betting and gaming player, with number one positions in Italy and Spain.”
US private equity fund Blackstone, the majority shareholder in CIRSA, has committed its support to the transaction while retaining approximately a 75% shareholding in the Spanish gambling group.
Blackstone first invested in CIRSA in 2018, gradually building its majority stake through subsequent transactions involving the Lao Hernández family.
The arrangement effectively replaces CIRSA’s independent market listing, just over a year after the Spanish group completed its IPO on the public markets.
The transaction is expected to become effective during Q2 2027, subject to approval by both companies’ shareholder meetings and the receipt of all required regulatory and competition clearances.
Recognised as Italy’s largest gambling operator, Lottomatica’s portfolio spans online gaming, retail betting, and gaming machines, including the flagship Lottomatica brand alongside major businesses GoldBet and Planetwin365.
Should the deal proceed, Angelozzi will fulfil a key corporate objective cited to Lottomatica investors, which was to expand the business beyond Italy’s borders and into new international markets.
The CEO previously stated that a single-market focus had undermined the company’s value, and at the start of 2026 warned markets that Lottomatica was planning a major move to significantly expand its business footprint.
The merged company expects to achieve approximately €115 million in annual pre-tax cash synergies by its third full fiscal year following the completion of the deal.
