Blackstone-Backed CIRSA to Merge With Lottomatica in All-Share Deal

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Blackstone-backed (BX) CIRSA Enterprises has agreed with Lottomatica on a proposed all-share merger, the companies said Wednesday.

Under the terms of the proposed deal, CIRSA shareholders will receive 0.668 newly issued Lottomatica shares for each CIRSA share they hold. Lottomatica shareholders are expected to own about 67.5% of the combined company.

Blackstone, CIRSA's majority shareholder, has agreed to support the transaction and is expected to hold about a 24% stake in the combined company.

The deal is expected to generate about 115 million euros ($133.2 million) in annual pretax cash synergies and deliver pro forma adjusted EBITDA of about 2 billion euros, the companies said.

The transaction is expected to become effective in Q2 2027.

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