PE giant **Blackstone** is poised to shake up the Spanish gambling sector by listing **_CIRSA SA_** on the Bolsa Madrid exchange in early 2025.
New developments have been reported by Spanish business news source **_[Expansión](https://www.expansion.com/podcasts/la-primera-de-expansion/2024/11/25/674414a3468aeb35788b45ee.html)_**, which stated that “Blackstone has enlisted a fleet of banks” to facilitate CIRSA’s Madrid IPO.
Speculation regarding Blackstone’s ownership of CIRSA has been ongoing since 2022, after the Spanish gambling group returned to profitability following the COVID-19 pandemic.
CIRSA has been under Blackstone’s ownership since 2018. The private equity fund acquired the gambling group from its founder, Manuel Lao Hernandez, for €2 billion, aiming to expand its European gambling portfolio.
After a corporate reorganisation, CIRSA has exceeded market expectations since 2022. The company is projected to meet its full-year 2024 targets, with net revenues exceeding €2 billion, an EBITDA of €680–710 million, and a leverage ratio of 3.7x–3.9x.
_Expansión_ reports that Blackstone has prepared both domestic and international banks to arrange the listing of 20–25% of CIRSA’s shareholding on the Bolsa Madrid.
Blackstone aims to raise between €700 million and €1 billion for the initial pricing of CIRSA, deviating from its previous plan for a full IPO.
Investment bank Lazard has been appointed as the financial advisor for the IPO, with Barclays, Deutsche Bank, and Morgan Stanley spearheading efforts in global markets.
In Spain, CIRSA operates a network of over 30,000 gambling machines in recreational and hospitality venues, 40 bingo halls, six casinos, and 237 arcades.
Outside of Spain, this year CIRSA acquired a [70% stake](https://sbcnews.co.uk/featurednews/2024/07/17/cirsa-apuesta-total-peru/) in **Apuesta Total** to become the largest operator in Peru. This deal allowed CIRSA to add Apuesta Total’s 500 betting points and online sportsbook to its existing Peruvian portfolio of 19 casinos and 3,200 slot machines.