Cirsa and Lottomatica reportedly agreed a cross-border merger in September 2026, with Lottomatica absorbing Cirsa. The combined group is expected to generate about €34bn in business and nearly €2bn in adjusted EBITDA, while completion is targeted for the second quarter of 2027, subject to authorisations.
The proposed merger would combine two gambling groups, subject to regulatory approvals and completion in 2027.
The day’s most important stories, free. One email a day.
Cirsa shares rose more than 4.5% during Wednesday’s session, reaching an intraday record and approaching €20, after Lottomatica reported quarterly results and confirmed its 2026 outlook. Lottomatica reported adjusted EBITDA of €665 million, up 8%, and expects adjusted operating profit at the upper end of its €940 million to €980 million range; the proposed merger remains subject to approvals and a Cirsa shareholder vote on 30 November.
Codere’s controlling investment funds are considering a sale of the company or its businesses separately, according to media reports. The report says a whole-company sale remains the preferred option, while interest in individual divisions has increased; a possible combined valuation is around €2,000 million.
Lottomatica expects its acquisition of Cirsa to complete in Q2 2027, chairman and chief executive Guglielmo Angelozzi said during the company's Q3 earnings call. The deal was announced at €2.8bn; Lottomatica reported Q3 revenue of €537m, up 5% year on year, and adjusted EBITDA of €200m, up 3%.
Lottomatica Group reported €1.72bn in revenue for the first nine months of 2026, up 5% year on year, according to its interim consolidated results approved by the board on 2 November. Total stakes reached €35.2bn, up 8%, while adjusted EBITDA rose 8% to €665.5m.
Lottomatica Group reported revenue of €1.72bn for the first nine months of 2026, an increase of 5%. Total stakes for the period were €35.2bn, up 8% on the same period of 2025. At normalised payout, revenue growth reaches 10%. The figures come from interim consolidated accounts approved by the board of directors on 2 November 2026.
Lottomatica reported record online market share and double-digit year-on-year growth in its digital segment. The company has begun integrating CIRSA ahead of the acquisition’s expected completion in Q2 2027.