By SectorWire desk ·
Lottomatica LTMC · EUR 24.11 2026-10-16 Data and Cirsa have agreed to merge. The deal values Cirsa at six times its expected 2026 EBITDA of €800m.
The merger values Cirsa at six times its expected 2026 EBITDA of €800m.
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Lottomatica’s merger assessment links confidence in Cirsa’s management with lessons from earlier deals that failed after excessive changes were sought.
Cirsa shareholders would hold 32.5% of the combined company, subject to shareholder and regulatory approvals.
The proposed Lottomatica–Cirsa merger would create the second-largest listed gaming operator worldwide by EBITDA.
The signed plan sets out CIRSA’s proposed merger into Lottomatica, giving investors a formal agreement following September’s disclosure.
The approved cross-border merger plan sets terms and conditions for absorbing CIRSA into Lottomatica.
Board approvals advance the merger plan setting terms for Lottomatica to absorb CIRSA.