Key Takeaways
- Lottomatica Group, Craftech Holdco, MHI Group, Lodestar acquired CIRSA Enterprises, Stevanato Group, Amare Group, Galgano, 4Ward for $3.0B.
- Sector: Leisure, Technology, Software & Gaming.
- Geography: Italy, Spain.
Analysis
In a move set to reshape the European gaming and sports betting arena, Italian powerhouse Lottomatica Group is reportedly in advanced discussions to acquire Spanish competitor CIRSA Enterprises. The proposed transaction, structured as a share-swap, carries an equity valuation for CIRSA of approximately €2.8 billion, with an enterprise value nearing €4.9 billion. This strategic consolidation could propel the combined entity into the ranks of the world's second-largest publicly traded gaming operators, boasting a pro-forma adjusted EBITDA projected to reach €2 billion.
The deal's architecture would see current Lottomatica shareholders retain a 67.5% stake in the newly formed company post-completion, anticipated in the second quarter of 2027. A significant beneficiary of this merger is Blackstone, the NYSE-listed investment firm that currently holds a commanding 74.23% of CIRSA. Following the transaction, Blackstone is slated to emerge as the largest single shareholder in the enlarged gaming group, holding an estimated 24% interest. This development follows Apollo Global Management's strategic divestment of its 21.3% stake in Lottomatica in June 2025, a move that generated over €1.2 billion for the firm and concluded its total exit from the Italian company, realizing approximately €2.94 billion.
Navigating this complex transaction, Lottomatica has enlisted a formidable advisory team, including Evercore, PJT Partners, Deutsche Bank, and Mediobanca for financial guidance. Legal counsel is being provided by Latham & Watkins, Paul Weiss Rifkind Wharton & Garrison, and Cintioli & Associati. On the other side, CIRSA has retained Lazard, Uría Menéndez, Simpson Thacher & Bartlett, Garrigues, and Legance. Blackstone's interests are being represented by Barclays.
Beyond the headline gaming deal, the Italian private capital market continues to show activity. Generali Real Estate is exploring the acquisition of a 20% stake in REAM, an asset management firm overseeing approximately €1.5 billion in assets. REAM, backed by a consortium of prominent Italian foundations including Fondazione Compagnia di San Paolo and Fondazione CRT, has recently appointed Gloria Brocchi as its new COO.
In other M&A news, French entity Groupe RG, supported by private equity firms Ardian and Latour Capital, is reportedly nearing the acquisition of Morganti, the owner of the Kapriol brand. The deal, which involves acquiring the company from the founding Morganti family, is currently under review by the Italian antitrust authority. This move signifies continued cross-border interest in established Italian consumer brands.
Furthermore, Stevanato Group, a prominent Italian packaging manufacturer listed on the NYSE, has divested its California-based asset, Balda C. Brewer, to Craftech Holdco, a portfolio company of Sage Park. The transaction was valued at $6.724 million (approximately €5.9 million). Separately, Aksìa Capital, led by Marco Rayneri, has acquired Amare Group via its investment vehicle MHI Group. The transaction saw the reinvestment of CEO Michele Benvenuto Preziuso, while other stakeholders exited.