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Mergers & AcquisitionsMediumUpdated•Originally published 7 September 2026•Updated 8 September 2026•
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Lottomatica Jumps More Than 7% on €200 Million–€300 Million Online EBITDA Target

Key Facts

1Lottomatica rose more than 7% after announcing a €200 million–€300 million incremental online EBITDA target.
2The company targets the new run rate by the third year after completion, separately from previously announced synergies.
3Cirsa shareholders would receive 0.668 new Lottomatica share per share and own about 32.5% of the combined group.
4The companies target completion in the second quarter of 2027 after shareholder and regulatory approvals.

Lottomatica shares rose more than 7% in Monday trading after the company said it was targeting €200 million–€300 million of incremental online EBITDA on a run-rate basis by the third year after completion of its proposed merger with Cirsa.

Lottomatica said the estimate rests on combining its technology, product capabilities and omnichannel expertise with Cirsa's distribution network, customer base and presence in local markets. The company said the new target is outside the synergies previously announced for the transaction, while cautioning that it is a forward-looking estimate exposed to execution and market risks.

Lottomatica and Cirsa announced on September 2, 2026, an all-share cross-border merger under which Cirsa would be merged into Lottomatica pursuant to European Union rules. Cirsa shareholders would receive 0.668 newly issued Lottomatica share for each Cirsa share held.

After completion, existing Lottomatica shareholders are expected to own about 67.5% of the combined company, with Cirsa shareholders holding about 32.5%. Blackstone, Cirsa's largest shareholder, is expected to become the combined group's largest single shareholder with about 24%.

The companies estimate that the combined group would have about €2 billion of pro forma adjusted EBITDA, including €101 million of operating-cost run-rate synergies. They also target about €115 million a year of pre-tax cash synergies from operating and interest-cost savings within 3 years after completion; the €200 million–€300 million online EBITDA target is therefore a separate incremental opportunity, not a guaranteed saving.

The next step is shareholder consideration at extraordinary general meetings expected by the end of 2026. Completion also requires foreign-investment, antitrust, Foreign Subsidies Regulation and gaming approvals, among other conditions, and the companies are targeting a close in the second quarter of 2027.