€2.8 Billion Deal to Create World’s Second-Largest Gambling Company

Italian gaming group Lottomatica has agreed to acquire Spanish operator CIRSA for €2.8 billion ($3.25 billion), according to a statement published by Spain’s National Securities Market Commission (CNMV).

The transaction will be an all-share deal. CIRSA’s owners will not receive any cash; instead, they will receive Lottomatica shares and become shareholders in the combined group.

Once merged, Lottomatica and CIRSA will form the world’s second-largest publicly traded gambling company. The world’s largest is Flutter Entertainment, owner of brands including FanDuel, Paddy Power and Betfair.

The largest shareholder in the combined group will be U.S. investment firm Blackstone, which is currently CIRSA’s largest shareholder. Shares in the combined company will be listed on stock exchanges in both Italy and Spain.

The combined company will retain the Lottomatica name. It will be headquartered in Rome, with offices in Barcelona.

Lottomatica is one of Italy’s largest gaming companies. It offers sports betting and online casino games and operates a network of betting shops and gaming halls. CIRSA, founded in Spain in 1978, operates across Europe, Latin America and Morocco. Its business includes casinos, gaming halls, online casinos and sports betting.

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