The market reaction to the merger between Italy’s Lottomatica Group and Spain-headquartered CIRSA Enterprises has been wholly positive since it was announced at the start of the month.
On 2 September, Lottomatica informed the Borsa Milan of its intention to merge with CIRSA through an all-share transaction.
Analysts believe that Lottomatica has placed Madrid-listed CIRSA’s value at somewhere between €2.8bn-€3bn [$3.2bn-$3.4bn] and the move, expected to become effective in Q2 2027, is set to create “global gambling’s second-largest listed betting and gaming operator” behind Flutter Entertainment.
The combined entity is expected to generate income of more than €4.4bn [$5.0bn] and pro-forma adjusted EBITDA of around €2bn [$2.3bn] for the 12 months ending 30 June 2026.
