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US personal equity fund the Blackstone Group is to obtain Spain’s casino that is largest and bingo hallway operator, Cirsa.
Chairman Lao: Cirsa founder Manuel Lao is always to step down as chairman of the business he founded 40 years ago on conclusion of the multibillion-dollar Blackstone deal.
The 2 companies announced the deal in a joint press release on Friday, and, while precise terms are not disclosed, Cirsa’s price tag was known to have been between €2 billion ($2.4 billion) and €2.5 billion ($3 billion).
In February, the company found it self in an enviable position as the thing of a bidding war between competing US hedge funds. Advent Overseas, Apollo Global Management and Cerberus Management had been all said to be pursuing the ongoing company, along with Blackstone.
That observed a November 2017 announcement by Cirsa’s bulk owner, Spanish billionaire Manuel Lao, that financial advisory firm Lazard was indeed hired to consider up a number of strategic options for the business, including a possible IPO.
Blackstone-Apollo Bidding War
By the beginning of April, media reports suggested the field of suitors had narrowed to simply Apollo and Blackstone, while sources near the situation told Reuters they doubted whether a deal would proceed at all.
The Catalan company, based just outside of Barcelona, had been founded in 1978 by Lao, who is ranked by Forbes as Spain’s ninth richest person.
Cirsa operates 147 gambling enterprises, 178 gaming halls, 70 bingo halls, 2,000 sports betting kiosks, and around 75,000 slots in more than 70 nations, mainly Spain, Italy and Latin America.