Blackstone to float Spain’s Cirsa shares in €1b IPO

Private equity giant Blackstone aims to list shares of Spanish gambling company Cirsa in an initial public offering (IPO) during the first half of 2025, according to Spanish newspaper Expansion.

The IPO is expected to raise between €700 million and €1 billion ($732 million to $1.1 billion), with Blackstone floating 20 per cent-25 per cent of the company.

The investment firm has enlisted Barclays, Deutsche Bank, and Morgan Stanley as global coordinators for the listing. Neither Cirsa nor the involved banks have commented on the report.

Blackstone acquired Cirsa, which operates casinos and betting shops across Spain and Latin America, in 2018 for an undisclosed amount. In 2021, media reports valued Cirsa at approximately $3.4 billion, though current valuation details remain undisclosed.

Attribution: Reuters

Subediting: M. S. Salama