The boards of Cirsa and Lottomatica have formally approved a cross-border merger project that will create one of the world's largest gaming operators. The transaction will see Lottomatica absorb Spanish company Cirsa, creating a combined entity with a business volume of €34 billion.
Deal Structure
Lottomatica will act as the acquiring entity and maintain its headquarters in Rome, while Cirsa will be dissolved and transfer all its assets and liabilities. The general shareholders' meetings of both companies will vote on the agreement in November 2026, with the merger expected to become effective during the second quarter of 2027, subject to regulatory approvals.
The exchange ratio is set at 0.668 ordinary Lottomatica shares for each Cirsa share. Following the merger, Cirsa shareholders will control 32.5% of the capital, while current Lottomatica shareholders will retain 67.5%. Blackstone, the current majority owner of Cirsa, will become the largest individual shareholder in the combined group with 24%.
Dividends and Stock Exchange Listing
Cirsa will distribute an extraordinary dividend of €1.56 per share before completing the merger, representing approximately €262 million in total. Additionally, Lottomatica will maintain its listing on Euronext Milan and will apply for listing on Spanish stock exchanges in Madrid, Barcelona, Bilbao, and Valencia.
Impact on the Latin American Market
The new entity will consolidate significant presence across multiple international markets, including operations in Latin America. With antitrust notifications already filed in jurisdictions such as Mexico and Morocco, the merger could represent greater sector consolidation in the region, with potential implications for markets such as Peru, where Cirsa maintains active operations.
Diego Ramírez
Diego Ramírez, un apasionado del fútbol de toda la vida originario de Lima (Perú), convirtió su pasión por el deporte y las estadísticas en una carrera en el periodismo digital. Durante la última década, ha cubierto todo tipo de temas, desde los principales torneos de fútbol y los mercados de apuestas hasta los casinos online y la evolución de la normativa en toda América Latina.
Especialidades: predicciones de fútbol, reseñas de casas de apuestas, noticias sobre iGaming, regulación de las apuestas y marketing de afiliados.
