Lottomatica and Cirsa gaming merger

The boards of directors for the Spanish company Cirsa and the Italian company Lottomatica have approved a cross-border merger project. The deal aims to create a global gaming and sports betting giant with a combined business value of approximately 34 billion euros.

Under the proposed structure, Lottomatica will serve 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, Lottomatica shareholders are expected to own roughly 67.5% of the combined company, while Cirsa shareholders will hold approximately 32.5%. Blackstone, the current majority shareholder of Cirsa, is projected to become the largest individual shareholder in the new group with about 24% of the capital.

Shareholders for both companies are scheduled to vote on the 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 intends to apply for admission to trading on Spanish stock exchanges in Madrid, Barcelona, Bilbao, and Valencia.