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Lottomatica just pushed its chips into the middle of the table. By swallowing Cirsa, it gets Spain, scale and a bigger global seat. Investors, though, are already arguing over who got the better hand.
Lottomatica has agreed to absorb Spanish rival Cirsa in an all-share deal that will create the world's second-largest listed gaming and sports-betting operator.
The transaction values Cirsa at about €2.8 billion, or roughly $3.2 billion. Cirsa shareholders will receive 0.668 newly issued Lottomatica shares for each Cirsa share they own. When the deal closes, current Lottomatica shareholders will own about 67.5% of the combined company, while Cirsa shareholders will hold around 32.5%.
Blackstone is staying firmly at the table. The private equity group, which controls Cirsa through LHMC Midco, is expected to own about 24% of the enlarged company, making it the biggest individual shareholder. It will also have the right to appoint two directors to a 13-member board.
#shareholders #table #billion
Lottomatica just pushed its chips into the middle of the table. By swallowing Cirsa, it gets Spain, scale and a bigger global seat. Investors, though, are already arguing over who got the better hand.
Lottomatica has agreed to absorb Spanish rival Cirsa in an all-share deal that will create the world's second-largest listed gaming and sports-betting operator.
The transaction values Cirsa at about €2.8 billion, or roughly $3.2 billion. Cirsa shareholders will receive 0.668 newly issued Lottomatica shares for each Cirsa share they own. When the deal closes, current Lottomatica shareholders will own about 67.5% of the combined company, while Cirsa shareholders will hold around 32.5%.
Blackstone is staying firmly at the table. The private equity group, which controls Cirsa through LHMC Midco, is expected to own about 24% of the enlarged company, making it the biggest individual shareholder. It will also have the right to appoint two directors to a 13-member board.
#shareholders #table #billion
5 hours ago
