Blackstone prepares its exit from Cirsa after Lottomatica's absorption, barely a year after taking it public - Information
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Cirsa logo at its Terrassa (Barcelona) headquarters and Blackstone logo at its New York headquarters. / EL PERIÓDICO Monique Zamora Vigneault Blackstone will become Lottomatica's largest shareholder after the absorption of the Catalan company Cirsa, where it controlled 74%, although its entry into the Italian group is not conceived as a permanent investment. The US private equity giant plans to divest over time the stake of close to 24% it will receive in the resulting gaming giant, according to sources familiar with the operation consulted by EL PERIÓDICO, thus culminating a divestment process initiated after more than seven years as the largest shareholder of the Catalan group. Although it will remain the largest shareholder and will be able to appoint two directors, Blackstone will therefore cease to control the company. The consulted sources consider the investment cycle to be over and explain that the fund could divest its 24% stake in Lottomatica through a block sale or an accelerated placement upon termination of the 90-day lock-up period from when the operation becomes effective. The US fund will thus be able to finalize its exit from Lottomatica starting next year if both companies manage to complete the integration within the deadlines communicated last Wednesday to the National Securities Market Commission (CNMV). The companies expect the merger to be completed...
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