Blackstone to Launch Cirsa IPO on Madrid Exchange 2025
### Key Points at a Glance
Blackstone, a leading private equity firm, plans to list a portion of shares in Cirsa, a Spanish gaming operator, on the Madrid Stock Exchange in the first half of 2025. The goal is to raise between €700 million and €1 billion ($732 million to $1.1 billion USD). Approximately 20–25% of the company’s shares will be offered in this partial IPO. The transaction is being supported by renowned banks such as Barclays, Deutsche Bank, and Morgan Stanley. Cirsa, which has been owned by Blackstone since 2018, has shown strong financial recovery and continues to plan for expansion, particularly in Latin America.
### Background: Blackstone’s Acquisition of Cirsa
Blackstone acquired Cirsa in 2018 for €2 billion from its founder, Manuel Lao Hernandez. Since then, the company has stabilized remarkably and significantly improved its financial standing. Following the economic impact of the pandemic, Cirsa has substantially increased its revenue. For 2024, the company expects net revenue of over €2 billion. Additionally, it forecasts an EBITDA (earnings before interest, taxes, depreciation, and amortization) of €680 to €710 million. The debt ratio is expected to range between 3.7x and 3.9x, reflecting a solid financial foundation.
### Cirsa: A Leading Gaming Provider in Spain and Latin America
Cirsa operates one of the largest gaming networks in Spain, which includes over 30,000 slot machines, 40 bingo halls, six casinos, and 237 gaming arcades. However, the company’s activities are not limited to Spain. In recent years, Cirsa has expanded its presence in Latin America. A significant milestone was the acquisition of a 70% stake in Apuesta Total, a leading Peruvian gaming operator. This move added 500 betting shops, 19 casinos, 3,200 slot machines, and an online sports betting platform to Cirsa’s portfolio.
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### The IPO: Partial Instead of Full
Originally, Blackstone planned to fully list Cirsa on the stock exchange. However, due to the company’s positive financial performance and ongoing organizational restructuring, the decision was made to pursue a partial IPO. This approach highlights Cirsa’s strong market position and its ability to continue growing. In particular, the company’s expansion in Latin America remains a central focus.
### Blackstone’s Strategy: Value Creation and Growth
With the decision to bring Cirsa to the stock market, Blackstone aims to maximize the company’s value and position it for future international expansion. The collaboration with leading investment banks and the engagement of Lazard as a financial advisor demonstrate Blackstone’s commitment to a professional execution that appeals to investors worldwide.
### Our Assessment
The planned IPO of Cirsa is a clear indication of Blackstone’s confidence in the company’s long-term stability and growth potential. Cirsa’s strong financial recovery after the pandemic and its strategic investments in Latin America make it an attractive candidate for investors. At the same time, the partial IPO shows that Blackstone intends to maintain an active role in the company’s management. For the gaming industry as a whole, this move could signal further growth and consolidation.
### Sources
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