The Blackstone Group Acquires Spain's Cirsa Gaming

Published Monday, April 30, 2018 - Online-Casinos.com
The Blackstone Group Acquires Spain's Cirsa Gaming

Last year the Spanish gambling firm Cirsa Gaming Corp. was discussing all available opportunities with financial consultant Lazard Ltd. and now the gambling giant has been purchased by American private equity firm The Blackstone Group. Spain’s largest gambling company was established in 1978 and has grown to a company worth an estimated €1.6 billion. The operator generated revenue of about €1.716 billion last year from its diverse operations across jurisdictions such as Italy and some Latin American countries.  

Cirsa currently operates around 147 land-based casinos, 178 gaming halls, over 75,000 gaming machines in bars and other venues, 3,000 lottery terminals, 70 bingo halls, and more than 2,000 sports betting shops. The reported bidders for the company were Blackstone, Apollo Global Management, and Cerberus Capital Management and some possible local operators. Reuters news source reported earlier this month that there were two bidders left in the sale of Cirsa, those being private equity firms Blackstone and Apollo. Cirsa was disappointed with the lack of interest for the purchase of the firm.

This acquisition is just one of many recently including the announcement that The Stars Group would buy the UK’s Sky Betting Gaming in a $4.7-billion deal creating the world’s largest listed gambling company. Online gambling provider Playtech also recently confirmed that it would buy a 70.6% stake in Italian operator Snaitech for €846 million.

Expansion is the ultimate goal of the new enterprise as well as possible mergers with other businesses operating in the same sector. Mergers and acquisitions is a sure fire way of making it big in the gambling industry with notable operators forming huge entities to better serve the growing market for gambling products and services.

 

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