Italian gaming group Lottomatica and Spain's Cirsa Enterprises have agreed to an all-share merger deal that will create a global leading sports betting and gaming player. Under the terms, Cirsa shareholders will receive 0.668 newly issued Lottomatica shares for each share held, with Lottomatica shareholders expected to own 67.5% and Cirsa shareholders holding 32.5% of the combined company. The merged entity will retain listings in both Italy and Spain and become the second-largest listed gaming and sports betting operator globally, with pro forma adjusted EBITDA of around 2 billion euros.

The companies project 115 million euros of pretax cash synergies annually and up to 4 billion euros of capital returns over three years. Blackstone, through its investment vehicle LHMC Midco, will become the largest shareholder with a 24% stake. The merger is expected to close in the second quarter of 2027, subject to regulatory approvals.