Lottomatica has agreed to absorb Spanish rival Cirsa in an all-share deal that values Cirsa at about €2.8 billion (roughly $3.2 billion). This transaction will create the world's second-largest listed gaming and sports-betting operator. Upon completion, current Lottomatica shareholders will own about 67.5% of the combined company, while Cirsa shareholders will hold around 32.5%. Blackstone, which controls Cirsa, is expected to own about 24% of the enlarged company, becoming the biggest individual shareholder. The deal is expected to close in the second quarter of 2027, subject to approvals. Following the announcement, Cirsa shares jumped sharply, while Lottomatica shares fell hard, as investors digested the Italian group's shift to a larger, more international, and land-based business.