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Blackstone Plans Spain IPO for Cirsa in 2025
Blackstone plans to list 20% to 25% of Cirsa, with estimates valuing the offering between €700 million and €1 billion ($739.9 million to $1.1 billion)

Blackstone, the US-based private equity firm, is getting ready to put some of its shares in the Spanish gambling company Cirsa on the Madrid stock exchange at the start of 2025.
IPO Planned as Blackstone Eyes €700M to €1B Market Valuation
The company wants to float 20% to 25% of Cirsa, with people thinking it could be worth €700 million to €1 billion ($739,9 million to $1.1 billion), based on what Spanish business sources are saying, reported Reuters. This move is a big deal for Cirsa as it tries to make its presence stronger in the world’s gambling scene.
The IPO is happening after people have been guessing for years about what Blackstone planned to do with Cirsa, which it bought in 2018 for €2 billion ($2.1 billion). Since the purchase, Cirsa has gone through big changes and grown a lot, doing better than the market thought it would after bouncing back from COVID-19. In 2024, experts think the company will bring in over €2 billion ($2.1 billion) in revenue and have an EBITDA of €680–710 million ($718.9 – $750.6 million), which goes to show it is doing well.
Blackstone has hired several big banks to handle the IPO, including Barclays, Deutsche Bank, and Morgan Stanley. Lazard will serve as the financial advisor. The stock offering is likely to draw a lot of attention from investors at home and abroad showing Cirsa’s strong standing in the market.
Spain’s Gambling Giant Expands Internationally Despite Heavy Debt Load
Cirsa stands as one of Spain’s biggest gambling companies overseeing more than 30,000 gaming machines, 237 arcades, 40 bingo halls, and six casinos throughout the nation. Its reach goes beyond Spain, with a strong foothold in Latin America.
This year, Cirsa bought a 70% share in Peru’s Apuesta Total becoming the top gambling business in the country. This purchase added 500 betting spots, an online sportsbook, and a network of 19 casinos and 3,200 slot machines to Cirsa’s holdings. These bold moves highlight the company’s push to grow worldwide under Blackstone’s ownership.
Even with its solid market standing, Cirsa faces obstacles due to its big debt. The company reported net debt of €2.3 billion ($2.4 billion) in 2022 about four times its EBITDA. They plan to use the IPO money to cut this debt and make their finances stronger.
Market experts say Cirsa’s IPO success might depend on how investors feel overall especially after Italy’s Lottomatica had a letdown with its public offering earlier this year. Still, Cirsa’s steady revenue growth and worldwide expansion make it an interesting investment option.
This IPO marks a turning point for Cirsa and has a major impact on Spain’s gambling scene. The company is getting ready to expand both at home and abroad.
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Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.
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