Lottomatica and CIRSA have announced a significant all-share merger aimed at forming one of the world's largest gaming and sports betting entities, with a projected pro forma adjusted EBITDA of around €2 billion. The agreement, revealed on September 2, outlines that CIRSA will merge into Lottomatica via a cross-border EU statutory merger, with Lottomatica emerging as the surviving entity based in Rome, while CIRSA will maintain a secondary headquarters in the Barcelona province.
Expected to be finalized in the second quarter of 2027, the merger is contingent on regulatory approvals and shareholder votes. Under the terms of the deal, CIRSA shareholders will receive 0.668 shares of Lottomatica for each share they hold in CIRSA. Once the merger is complete, Lottomatica shareholders will hold a 67.5% stake in the combined company, while CIRSA investors will constitute 32.5%.
Lottomatica's CEO and chairman, Guglielmo Angelozzi, emphasized that this merger positions the two companies as leaders in Italy and Spain, two of the major gaming markets globally, while also enhancing their presence in other rapidly growing regions.
Following the merger, Lottomatica plans to return €744 million to shareholders either through dividends or a tender offer, with aspirations to deliver a total of €4 billion in capital returns over the next three years, pending shareholder approval for these actions. CIRSA's CEO, Antonio Hostench, indicated that the union of CIRSA and Lottomatica will create a formidable diversified gaming leader with substantial opportunities for profitable growth, extending Lottomatica's operations beyond Italy to include CIRSA's casino businesses in Spain and Latin America.
