CIRSA shareholders also get a €262m dividend before the deal closes.
The hit
Lottomatica & CIRSA’s boards have approved a common merger plan that will see Lottomatica absorb CIRSA, according to Yogonet. CIRSA will cease to exist as a separate legal entity, while Lottomatica survives as the combined group.
Why it matters
This builds a gambling heavyweight with scale across Italy, Spain & new frontiers in Latin America, the Caribbean & Morocco. Targeted synergies of €180m underpin the combined group’s aim to become “outright market leader” in Italy & Spain, pitched to investors as the world’s second-largest gambling PLC.
The record
| Shareholder capital return post-merger | €744m / $831m proposed by Lottomatica after completion |
|---|---|
| Extraordinary dividend to CIRSA shareholders | €262m / $293m, or €1.56 per share |
| Share exchange ratio | 0.668 new Lottomatica shares per CIRSA share |
| Combined group forecast | €4.5bn+ annual revenue, €2bn pro forma EBITDA |
| Three-year capital return target | Up to €4bn, per Lottomatica |
| Deal first announced | 2 September 2026 |
What happens next
Extraordinary & Ordinary Shareholders’ Meetings for both companies are expected by the end of November 2026 to vote on the merger. Regulatory clearance is still needed in Italy, Spain, Mexico & Morocco, plus EU foreign subsidies review.
Sources: Lottomatica approves CIRSA merger plan with $831 million shareholder payout
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