Lottomatica agrees all-share merger with CIRSA, targeting €2bn pro forma EBITDA
Lottomatica Group, CIRSA Enterprises and CIRSA majority shareholder LHMC Midco agreed a binding, all-share merger on 2 September 2026, the companies said. The proposed cross-border merger would absorb CIRSA into Lottomatica, with CIRSA shareholders receiving 0.668 newly issued Lottomatica shares for each CIRSA share. The combined group is projected to generate about €2bn in pro forma adjusted EBITDA.
The proposed merger would combine two gambling groups and alter their ownership and operations across several markets.