Lottomatica and CIRSA approve EUR 34bn gaming merger

Lottomatica Group and CIRSA Enterprises have approved a cross-border merger plan to create one of the largest gaming groups in Europe and Latin America. The transaction involves an estimated turnover of EUR 34 billion.

Under the agreed structure, Lottomatica will act as the absorbing entity, retaining its name, its headquarters in Rome, and its status as the listed parent company. CIRSA will be dissolved without liquidation, transferring all assets, rights, and liabilities to Lottomatica. Following the merger, existing Lottomatica shareholders will own approximately 67.5% of the combined company, while CIRSA shareholders will hold roughly 32.5%. Blackstone, the current majority shareholder of CIRSA, is expected to become the largest individual shareholder in the new group with approximately 24% of the share capital.

Shareholders of both companies are scheduled to vote on the merger plan during extraordinary general meetings in late November 2026. The transaction is expected to take effect in the second quarter of 2027. Lottomatica will remain listed on Euronext Milan and will also apply for admission to trading on Spanish stock exchanges in Madrid, Barcelona, Bilbao, and Valencia.