Grupo CIRSA has received regulatory approval to acquire a majority stake in CasinoPortugal, expanding the online portfolio of the Blackstone-owned Spanish gambling group.
On Friday, CIRSA confirmed it had secured approval from Portuguese authorities to acquire a 68% stake in CasinoPortugal.pt, a deal under review since CIRSA’s initial approach in September 2024.
Mergers and acquisitions in Portugal’s gambling sector require the approval of the Portuguese Competition Authority (AdC), the Comissão de Jogos (Gambling Commission), and the Serviço de Regulação e Inspeção de Jogos (SRIJ), the licensing and inspection authority reporting to Turismo de Portugal.
Portuguese authorities deemed CIRSA’s investment legitimate, determining that the new ownership of CasinoPortugal would not disrupt the competitive dynamics of Portugal’s online gambling market.
CIRSA had previously agreed terms with co-owners SFP Online – a venture of Amorim Turismo and Casino da Figueira – to acquire the majority stake in CasinoPortugal.pt.
The terms of the deal were not disclosed, but CIRSA stated that the investment “will be financed with cash available, and the impact on the group’s pro forma leverage is not significant.”
Operating since 2017, CasinoPortugal is an SRIJ-licensed casino and sportsbook platform expected to generate €15 million in revenue in 2024. CIRSA has, in turn, upgraded its full-year guidance for 2024, anticipating EBITDA to surpass a range of €680m-to-€710m, likely marking its “best year in business“.
In Spain, CIRSA continues to be the focus of speculation regarding a potential IPO on the Bolsa Madrid, reportedly sought by Blackstone, which acquired the gambling business in 2018 from founder Manuel Lao Hernandez for €2bn.
Under Blackstone’s ownership, CIRSA reorganised its South American operations and expanded its presence in North African markets, returning to profitability in 2022.
At the close of 2024, Blackstone was reported to have enlisted Lazard, Barclays, Deutsche Bank, and Morgan Stanley to lead capital investment for an IPO. The private equity firm is said to favour listing 20%-25% of CIRSA’s shares on the Bolsa Madrid, targeting a raise of between €750m to €1bn. Earlier reports speculated Blackstone might list its entire shareholding for €5 billion.
Speculation about Blackstone’s plans for CIRSA has persisted since 2022, with reports suggesting the firm was waiting for improved economic conditions in Spain. However, in 2024, Spain outpaced all Eurozone economies in post-pandemic recovery, improving the outlook for an IPO.
Despite IPO rumours, CIRSA continues to expand through M&A in new markets. Outside Spain, CIRSA acquired a 70% stake in Apuesta Total, becoming the largest operator in Peru. The deal added 500 betting points and an online sportsbook to its Peruvian portfolio, which also includes 19 casinos and 3,200 slot machines.
Don’t forget to subscribe to our Telegram channel!
