{
  "title": "Lottomatica to Merge with CIRSA: Building the Second-Largest Listed Gaming Operator",
  "publisher": "Acquiry Deal Intelligence",
  "author": "Joash Boyton",
  "url": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/",
  "published": "2026-10-14T06:00:00Z",
  "updated": "2026-10-14T06:00:00Z",
  "licence": "Free to reference with attribution to Acquiry Deal Intelligence and a link to the source URL.",
  "rows": [
    {
      "dataset": "key-figures",
      "id": "stat-ebitda",
      "label": "Combined pro forma Adjusted EBITDA",
      "value": "≈€2bn",
      "provenance": "disclosed",
      "note": "From the strategic benefits set out in the CIRSA directors’ report of 8 October 2026.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/#stat-ebitda"
    },
    {
      "dataset": "key-figures",
      "id": "stat-cirsa-ebitda",
      "label": "CIRSA Adjusted EBITDA in the pro forma",
      "value": "€796M",
      "provenance": "disclosed",
      "note": "Includes 12 months of contribution from recent acquisitions as of 30 June 2026.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/#stat-cirsa-ebitda"
    },
    {
      "dataset": "key-figures",
      "id": "stat-online",
      "label": "Targeted incremental online Adjusted EBITDA",
      "value": "€200M–€300M",
      "provenance": "disclosed",
      "note": "Run rate by the third full year from completion.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/#stat-online"
    },
    {
      "dataset": "key-figures",
      "id": "stat-tam",
      "label": "Combined addressable market",
      "value": "≈€34bn",
      "provenance": "disclosed",
      "note": "Based on H2 Gambling Capital, August 2026; onshore online and land-based, excluding lottery.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/#stat-tam"
    },
    {
      "dataset": "key-figures",
      "id": "stat-board",
      "label": "Independent directors on the enlarged board",
      "value": "8 of 13",
      "provenance": "disclosed",
      "note": "The Lottomatica board grows from 11 to 13 members.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/#stat-board"
    },
    {
      "dataset": "key-figures",
      "id": "stat-exit",
      "label": "Cash exit price per CIRSA share",
      "value": "€13.20",
      "provenance": "disclosed",
      "note": "Three-month average trading price before announcement, reduced euro for euro by pre-merger dividends.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/#stat-exit"
    },
    {
      "dataset": "key-facts",
      "id": "fact-1",
      "label": "Status",
      "value": "Merger plan signed, 8 October 2026",
      "provenance": "disclosed",
      "note": "Following the merger agreement of 1 September 2026. CIRSA’s EGM is expected on 25 November 2026.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/"
    },
    {
      "dataset": "key-facts",
      "id": "fact-2",
      "label": "Exchange ratio",
      "value": "0.668 new shares per CIRSA share",
      "provenance": "disclosed",
      "note": "All-share, with no cash component.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/"
    },
    {
      "dataset": "key-facts",
      "id": "fact-3",
      "label": "Extraordinary dividend",
      "value": "€1.56 per CIRSA share",
      "provenance": "disclosed",
      "note": "Approximately €262.1 million in aggregate, paid before the merger takes effect.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/"
    },
    {
      "dataset": "key-facts",
      "id": "fact-4",
      "label": "Ownership",
      "value": "≈67.3% / ≈32.7%",
      "provenance": "disclosed",
      "note": "Lottomatica and CIRSA shareholders respectively; LHMC approximately 24%.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/"
    },
    {
      "dataset": "key-facts",
      "id": "fact-5",
      "label": "Synergies",
      "value": "≈€115M a year",
      "provenance": "disclosed",
      "note": "€101 million of opex savings and €14 million of interest cost savings by the third full year.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/"
    },
    {
      "dataset": "key-facts",
      "id": "fact-6",
      "label": "Independent expert",
      "value": "BDO Auditores",
      "provenance": "disclosed",
      "note": "Found the exchange ratio methods adequate, reasonable and not arbitrary.",
      "sources": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf | https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf | https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "permalink": "https://www.acquiry.com/deal-intelligence/lottomatica-to-merge-with-cirsa/"
    }
  ],
  "sources": [
    {
      "id": "s1",
      "title": "Report of the Board of Directors of CIRSA Enterprises, S.A. on the cross-border merger with Lottomatica Group S.p.A.",
      "href": "https://cirsa.com/files/documents/fusion/CIRSA-directors-report-merger-ENG.pdf",
      "publisher": "CIRSA Enterprises, S.A.",
      "date": "8 October 2026",
      "isoDate": "2026-10-08",
      "kind": "Directors’ report"
    },
    {
      "id": "s2",
      "title": "Anuncio de fusión transfronteriza por absorción de CIRSA Enterprises, S.A. por parte de Lottomatica Group S.p.A.",
      "href": "https://cirsa.com/files/documents/fusion/CIRSA-Anuncio-a-accionistas-acreedores-y-trabajadores.pdf",
      "publisher": "CIRSA Enterprises, S.A.",
      "date": "8 October 2026",
      "isoDate": "2026-10-08",
      "kind": "Regulatory notice"
    },
    {
      "id": "s3",
      "title": "CIRSA Lottomatica Merger",
      "href": "https://www.cirsa.com/en/cirsa-lottomatica-merger/",
      "publisher": "CIRSA",
      "date": "Retrieved 14 October 2026",
      "isoDate": "2026-10-14",
      "kind": "Company website"
    }
  ]
}