Cirsa Enterprises SA

Lottomatica fell 9.1% to €22.51 after announcing a binding share-swap merger with Cirsa, driven by market fears of dilution and limited near-term financial flexibility. Cirsa is valued at about €2.8bn; shareholders will receive 0.668 new Lottomatica shares for each Cirsa share, and Lottomatica owners are to hold 67.5% of the combined company. Blackstone would remain the largest single shareholder with roughly 24%; Cirsa will pay a €262m special dividend before closing, which, together with the pure share transaction, amplified concerns. The merger (pro-forma adjusted EBITDA ~€2bn, annual cash synergies before tax ~€115m) is expected to close by Q2 2027 and would result in dual listings in Milan and Madrid, but the market and technical indicators are currently pricing in the risks. » More on de.investing.com