Lottomatica and Cirsa have agreed a blockbuster merger that would create the second-largest listed gaming and sports betting operator in the world.
Announced on Wednesday, the all-share deal is expected to close in Q2 2027, forming a combined group with a pro forma adjusted EBITDA of around €2 billion ($2.3 billion).
Cirsa’s implied pro forma value, before synergies, corresponds to an multiple of approximately 6x its expected 2026 EV/EBITDA which will be between €800 million and €820 million, according to the operator’s most recent earnings.
According to a joint press release, the combined company would hold “undisputed leadership positions” in both Italy and Spain, with the group set to hold a duel listing on the Milan and Spanish stock exchanges.
The group is expected to have an addressable market of up to €34 billion when combining all its available markets, including Portugal, Mexico and Colombia.
Lottomatica’s online and omnichannel capabilities are expected to accelerate Cirsa’s expansion in online gaming.
Lottomatica chairman and CEO Guglielmo Angelozzi noted the combination would create a more diversified business with significant opportunities for growth.
“With the combination of Lottomatica and Cirsa, two extremely successful companies, we create the undisputed leader in Italy and Spain, among the best gaming markets globally, complemented by leadership positions in other very high growth geographies,” he said.
Cirsa CEO Antonio Hostench added: “I am delighted to embark on this exciting journey together. The combination of Cirsa and Lottomatica creates a world-class diversified gaming leader with leading positions across its core markets and significant opportunities to accelerate profitable growth.”
Lottomatica to absorb Cirsa
Lottomatica will absorb Cirsa though an EU cross-border statutory merger, with Lottomatica continuing as the surviving entity.
Once the deal is completed, current Lottomatica shareholders are expected to own around 67.5% of the share capital, with Cirsa’s shareholders owning the remaining 32.5%.
Cirsa shareholders will receive 0.668 newly issued Lottomatica shares for each of their shares in Cirsa.
Meanwhile Blackstone, Cirsa’s largest shareholder, is expected to become the largest shareholder of the combined company, maintaining around 24% of the share capital.
The deal is expected to provide around €115 million of pre-tax cash synergies per year from opex and interest cost savings. These synergies are expected to be realised by the third full year following completion.
Who will lead the combined company?
Angelozzi is set to serve as the combined company’s chairman and CEO, while Lottomatica’s deputy CEO and CFO Laurence Van Lancker will assume the same role.
Hostench and Cirsa CFO Antonio Grau will also continue to lead the teams at Cirsa.
Following the deal’s completion and approval by Lottomatica’s general shareholder’s meeting, the combined company’s board would consist of the existing 11 Lottomatica directors, as well as two new directors nominated upon designation by Blackstone.
Where would the combined company rank?
The companies delivered a presentation that detailed their plans to create a “global gaming champion”.
Lottomatica generated revenue of €2.26 billion in its FY2025, while Cirsa’s FY2025 group revenue reached €2.34 billion.
The combined company would overtake the likes of Bally’s Intralot, Entain and Allwyn to become the second-largest listed global operator, behind only Flutter Entertainment in terms of combined adjusted EBITDA.
Some 80% of its EBITDA is expected to come from Italy and Spain, with 97% of its total EBITDA coming from markets in which it is the market leader.
Online sports would make up 48% of its adjusted EBITDA, followed by distributed gaming (27%) and casinos (25%).
Van Lancker said the merger would combine the strengths of both businesses to create a larger and more diversified company with “greater scale and enhanced capabilities” to accelerate growth and create value.
The enlarged group could deliver up to €4 billion in capital returns over the three years following the completion of the deal.
Cirsa’s acquisition drive
Cirsa has followed an aggressive acquisition strategy in recent years, most recently entering the land-based casino market in Portugal by acquiring a majority stake in Sociedade Figueira Praia, S.A., the owner and operator of Casino Figueira.
Prior to that, Cirsa entered the Paraguay market through an acquisition of the online slots operator Slots del Sol, while it also acquired the leading Peruvian operator Apuesta Total in 2024.
As of June 2025, the company had completed over 130 acquisitions since 2015.
Lottomatica与Cirsa已达成一项重磅合并协议，将打造全球第二大上市博彩及体育投注运营商。
周三宣布的这项全股票交易预计将于2027年第二季度完成，合并后集团的备考调整后EBITDA约为20亿欧元（23亿美元）。
根据该运营商最新的财报，在不计入协同效应的情况下，Cirsa的隐含备考估值约为其2026年预期EV/EBITDA（介于8亿欧元至8.2亿欧元之间）的6倍。
根据联合新闻稿，合并后的公司将在意大利和西班牙均占据“无可争议的领导地位”，集团将在米兰和西班牙证券交易所双重上市。
合并其所有可覆盖市场（包括葡萄牙、墨西哥和哥伦比亚）后，该集团的可寻址市场预计将高达340亿欧元。
Lottomatica的线上及全渠道能力预计将加速Cirsa在在线博彩领域的扩张。
Lottomatica董事长兼首席执行官Guglielmo Angelozzi指出，此次合并将打造一个更加多元化的业务，并带来重大的增长机遇。
他表示：“通过Lottomatica与Cirsa这两家极为成功的公司的合并，我们将在意大利和西班牙——全球最优质的博彩市场之列——创建无可争议的领导者，并在其他高增长地区占据领导地位。”
Cirsa首席执行官Antonio Hostench补充道：“我很高兴能共同踏上这段激动人心的旅程。Cirsa与Lottomatica的合并将打造一个世界级的多元化博彩领导者，在其核心市场占据领先地位，并拥有加速盈利增长的重大机遇。”
Lottomatica将吸收合并Cirsa
Lottomatica将通过欧盟跨境法定合并方式吸收Cirsa，Lottomatica将继续作为存续实体。
交易完成后，Lottomatica现有股东预计将持有约67.5%的股本，Cirsa股东将持有剩余的32.5%。
Cirsa股东每持有1股Cirsa股份将获得0.668股新发行的Lottomatica股份。
与此同时，Cirsa的最大股东Blackstone预计将成为合并后公司的最大股东，持有约24%的股本。
该交易预计每年将从运营支出和利息成本节约中产生约1.15亿欧元的税前现金协同效应。这些协同效应预计将在交易完成后的第三个完整年度实现。
谁将领导合并后的公司？
Angelozzi将担任合并后公司的董事长兼首席执行官，而Lottomatica的副首席执行官兼首席财务官Laurence Van Lancker将担任相同职务。
Hostench和Cirsa首席财务官Antonio Grau也将继续领导Cirsa的团队。
在交易完成并获得Lottomatica股东大会批准后，合并后公司的董事会将由现有的11名Lottomatica董事以及由Blackstone提名指定的两名新董事组成。
合并后的公司将位居何处？
两家公司提交了一份演示文稿，详细阐述了打造“全球博彩冠军”的计划。
Lottomatica在2025财年实现营收22.6亿欧元，而Cirsa 2025财年集团营收达到23.4亿欧元。
按合并调整后EBITDA计算，合并后的公司将超越Bally's Intralot、Entain和Allwyn等公司，成为全球第二大上市运营商，仅次于Flutter Entertainment。
其约80%的EBITDA预计将来自意大利和西班牙，97%的总EBITDA将来自其占据市场领导地位的市场。
在线体育将占其调整后EBITDA的48%，其次是分布式博彩（27%）和赌场（25%）。
Van Lancker表示，此次合并将整合两家企业的优势，打造一家规模更大、更加多元化的公司，具备“更大的规模和更强的能力”以加速增长并创造价值。
扩大后的集团可能在交易完成后的三年内实现高达40亿欧元的资本回报。
Cirsa的收购攻势
Cirsa近年来采取了激进的收购策略，最近通过收购Sociedade Figueira Praia, S.A.的多数股权进入葡萄牙实体赌场市场，后者是Casino Figueira的所有者和运营商。
在此之前，Cirsa通过收购在线老虎机运营商Slots del Sol进入巴拉圭市场，同时还在2024年收购了秘鲁领先运营商Apuesta Total。
截至2025年6月，该公司自2015年以来已完成超过130项收购。