Is the Lottomatica-Cirsa Merger Low-Risk? Here’s What the CEOs Say
Is the Lottomatica-Cirsa Merger Low-Risk? Here’s What the CEOs Say
Yes, ayon kay Lottomatica CEO Guglielmo Angelozzi, the merger with Cirsa is low-risk dahil parehong may consistent growth ang dalawang kumpanya at walang overlap sa kanilang operations. The combined entity will be the second-largest listed global gaming and sports betting operator, with pro forma adjusted EBITDA na humigit-kumulang €2 billion ($2.3 billion). Walang turnaround na kailangan—Cirsa is already well-managed and market leader sa Spain at iba pang bansa.
Bakit low-risk ang pagsasama ng Lottomatica at Cirsa?
Sa investor call nitong Wednesday, sinabi ni Angelozzi na ang deal ay “low-risk proposition” dahil sa consistent growth ng parehong kumpanya mula H1 2024 hanggang H1 2026:
| Metric | Lottomatica | Cirsa |
|---|---|---|
| Revenue CAGR (H1 2024–H1 2026) | 13% | 11% |
| Pro forma adjusted EBITDA (combined) | ~€2 billion | |
| Market leadership | Italy | Spain, Latin America |
| Online vs retail mix (combined H1 2024) | 48% online, 27% distributed gaming, 25% casinos |
Ayon kay Angelozzi, “The combined entity will be able to deliver the same rate of growth and the same rate of shareholder distribution, but with a larger pro forma free float and liquidity.” Ibig sabihin, walang dagdag na risk pero may bago pang markets at online opportunities, plus synergies.
Si Cirsa CEO Antonio Hostench naman ay sumang-ayon: “There is no overlap between the companies, almost no overlap. So we just see creating one of the biggest groups in the world in gaming terms. The risk is minor.”
Ano bang pinagkaiba ng merger na ito sa ibang cross-border M&A na bigo dati?
Tinanong si Angelozzi kung bakit hindi mauulit ang failures ng ibang cross-border deals. Sagot niya: Wala nang turnaround na kailangan dito.
“In many cases, you had M&A of assets that were second tier. The promise was to completely change the nature and the competitive position of the asset—in many cases, a turnaround,” paliwanag niya. “In this case, it’s a completely different situation. You have a group which has been solid for 10 years and delivering. There’s no turnaround to be made. It’s already very well managed. It’s number one in its markets.”
Kaya naman, ang focus ay pagsasama ng dalawang malalakas na kumpanya—hindi pag-aayos ng mahina.
Paano makakaapekto ang merger sa Spain at Italy markets?
Ang combined company ay i-la-list sa stock exchanges ng Spain at Italy, kung saan parehong market leaders ang Cirsa at Lottomatica.
| Market | Share of pro forma adjusted EBITDA (H1 2024) |
|---|---|
| Italy | 57% |
| Spain | 23% |
| Rest of World | 20% |
Pagkatapos ng deal, 80% ng EBITDA ay manggagaling sa dalawang markets na ito. Ayon kay Angelozzi, ang Spain at Italy ay “among the best globally” sa gaming. Lalo na sa Spain, kung saan ang Cirsa ay may 6% online market share—mas fragmented at less developed kumpara sa Italy. “These two markets have been growing and will continue to grow very nicely online, Spain even more than Italy,” dagdag niya.
Paano magko-complement ang Cirsa at Lottomatica?
Si Hostench ay nag-highlight na walang overlap ang dalawa. “Cirsa has incredible knowledge of the market, the consumers in general, also of the business. You will see a company with a huge understanding of the market, with an incredible retail platform, which can be leveraged for online,” ani Angelozzi.
May presensya rin ang Cirsa sa Italy, pero hindi raw ito magdudulot ng regulatory discomfort o revenue attrition. “On the Italian antitrust, we don’t think we are in a risky situation because Italy is not the core of this deal and this doesn’t change the level of concentration in the country—still below 40% in each relevant market,” paliwanag ni Angelozzi. “We do not expect revenue attrition. These are complementary brands and complementary models. We have a history of managing a multi-brand business in Italy.”
Ano ang susunod na mangyayari?
Ang merger ay isasagawa sa pamamagitan ng EU cross-border merger, kung saan ang Lottomatica ang surviving entity. Ang combined group ay inaasahang magiging second-largest listed gaming operator sa mundo with strong online presence (48% ng EBITDA mula online betting at gaming). Sa huli, ang deal ay magbibigay ng stable growth, capital returns, at access sa new markets—at lahat ng ito, ayon sa CEOs, ay low-risk.
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