Lottomatica to absorb CIRSA in €744m shareholder payout plan

CIRSA shareholders also get a pre-merger dividend before the deal closes.

The hit

Lottomatica & CIRSA’s boards have approved a merger plan that will see CIRSA absorbed entirely into Lottomatica, with CIRSA ceasing to exist as a legal entity, according to SBC News. CIRSA shareholders get 0.668 new Lottomatica shares each, plus a pre-merger dividend worth about €262m, while Lottomatica intends to propose a further €744m shareholder payout after completion.

Why it matters

Lottomatica calls the combination a ‘global gambling second largest PLC’, according to SBC News. For investors it could mean fresh dividends & buybacks, though the €744m is only a proposal, with the payout plan hinging on shareholder votes in both companies. Blackstone, CIRSA’s majority owner, will be entitled to nominate 2 directors, expanding Lottomatica’s board from 11 to 13 members.

The record

Merger first announced	2 September 2026
Share exchange ratio	0.668 new Lottomatica shares per CIRSA share
Pre-merger dividend to CIRSA shareholders	€1.56 per share, approximately €262m total
Post-merger capital return proposed	€744m via tender offer, special dividend, or both
Combined annual revenues	over €4.5bn (Lottomatica)
Three-year shareholder return ambition	up to €4bn (Lottomatica)

What happens next

Extraordinary & Ordinary Shareholders’ Meetings at Lottomatica & CIRSA are expected to be held by end-November 2026; the merger still needs regulatory approvals, including antitrust clearance in Italy, Spain, Mexico & Morocco, plus foreign investment clearance.

Sources: Lottomatica to absorb CIRSA with €744m shareholder payout plan

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