Cirsa rises almost 20 percent and Lottomatica falls 7.63
The same announcement produced two opposing reactions. Cirsa's shares closed the day with a rise of nearly 20 percent, above 16 euros per share, their highest level in twelve months. Lottomatica's, on the other hand, ended up falling 7.63 percent, to 22.88 euros.
The Spanish company's trajectory throughout the day was a continuous ascent. In the first hours of trading, it was already up more than 15 percent, to 15.76 euros, and comfortably remained above the 15 euros at which its quotation had started.
The market's interpretation rewards what Cirsa brings to the combination more than what it receives: its leadership in Spain, the international presence it adds, and its ability to generate business. Analysts also highlighted the strategic logic of bringing the two operators together, which consolidates leadership positions in Spain and Italy simultaneously and expands the combined entity's international exposure.
The already known terms help explain the enthusiasm on the Spanish side. Each Cirsa share is exchanged for 0.668 Lottomatica shares, so its current shareholders will hold approximately 32.5 percent of the combined capital, and before the transaction is executed, the company will distribute an extraordinary dividend of 262 million euros. Blackstone, currently the majority shareholder, will hold about 24 percent of the new group and will be its main individual shareholder.
Regarding the combined figures, the resulting company would have an adjusted EBITDA of around 2 billion euros and approximately 115 million euros annually in pre-tax cash synergies, which would not be complete until the third full year after closing. None of this is final yet: corporate and regulatory approvals are still pending, and the two companies are targeting the second quarter of 2027.
Tags: Cirsa, Lottomatica, Blackstone, Spanish Stock Exchange