Grupo CIRSA, a Spanish gambling operator owned by Blackstone, has received regulatory approval to acquire a 68% majority stake in CasinoPortugal.pt.
The acquisition, initially proposed in September 2024, was approved by Portuguese regulatory bodies, including the Competition Authority (AdC), the Comissão de Jogos, and the Serviço de Regulação e Inspeção de Jogos (SRIJ).
Regulators determined the deal would not negatively impact market competition, paving the way for CIRSA to integrate CasinoPortugal into its portfolio.
CIRSA’s investment in CasinoPortugal was finalized under undisclosed terms, with the company noting that the purchase would be financed using available cash and would have minimal impact on its financial leverage.
CIRSA projects that the acquisition will help the company achieve its upgraded 2024 financial guidance, with anticipated EBITDA surpassing €680 million ($704.70 million) to €710 million ($735.79 million), potentially marking its strongest fiscal year to date.
The platform offers both casino games and sportsbook services, making it a valuable addition to CIRSA’s growing online gambling portfolio. CIRSA acquired its stake from SFP Online, a partnership between Amorim Turismo and Casino da Figueira, which previously co-owned the platform.
In Peru, CIRSA recently acquired a 70% stake in Apuesta Total, becoming the largest gambling operator in the country. That deal added 500 betting points, an online sportsbook, and 19 casinos with 3,200 slot machines to CIRSA’s portfolio.
In addition to its international acquisitions, CIRSA is reportedly preparing for a potential initial public offering (IPO) on the Bolsa Madrid. Blackstone, which acquired CIRSA in 2018 for €2 billion ($2.07 billion), has been exploring options for capital investment and hired financial advisors including Lazard, Barclays, Deutsche Bank, and Morgan Stanley to lead the IPO process.
The private equity firm is considering listing 20%-25% of CIRSA’s shares, aiming to raise between €750 million ($777.24 million) and €1 billion ($1.04 billion). Speculation suggests the company might value the entire shareholding at €5 billion ($5.18 billion).
The decision to pursue an IPO could be influenced by Spain’s post-pandemic economic recovery, which has outpaced other Eurozone countries. Blackstone is believed to have delayed the IPO until economic conditions improved, and 2024’s strong recovery may provide the right environment for the move.