In the first half of 2025, the private equity firm Blackstone plans to float shares of Cirsa, a well-known Spanish gaming operator, on the Madrid Stock Exchange. According to Spanish news outlet Expansión, the move is anticipated to generate between €700 million and €1 billion ($732 million to $1.1 billion). With the help of prominent investment banks Barclays, Deutsche Bank, and Morgan Stanley, 20–25% of Cirsa’s shares will be offered in this partial initial public offering. Lazard has been chosen to serve as the deal’s financial advisor.
A Strong Recovery After Blackstone’s Acquisition
Blackstone acquired Cirsa in 2018 for €2 billion from the company’s founder, Manuel Lao Hernandez. Since the acquisition, Cirsa has made a remarkable recovery from the economic fallout of the pandemic. The company’s financial performance has improved significantly, with expectations to surpass €2 billion in net revenues in 2024. It is also forecasted to report an EBITDA of €680 million to €710 million, along with a leverage ratio ranging between 3.7x and 3.9x.
Cirsa operates one of the largest gaming networks in Spain, including more than 30,000 gambling machines, 40 bingo halls, six casinos, and 237 arcades. Beyond Spain, Cirsa has expanded its operations into Latin America. Earlier this year, the company secured a 70% stake in Apuesta Total, a leading Peruvian gaming operator, adding 500 betting points, 19 casinos, 3,200 slot machines, and an online sportsbook to its growing portfolio.
Blackstone had initially intended for Cirsa to undergo a complete initial public offering (IPO). However, the decision was made to pursue a partial float instead, given the company’s robust recovery and ongoing corporate reorganization. This change demonstrates Cirsa’s strong financial position as well as its capacity to keep up its expansion plans, especially in the Latin American market.
Blackstone’s choice to list Cirsa shows that it is dedicated to optimizing shareholder value and setting up Cirsa for future expansion in the international gaming industry.
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