Cirsa acquired by Blackstone

The Blackstone Group, a leading global private equity firm, signed an agreement to acquire 100% of CIRSA Gaming Corporation SA, the Spanish‑based international gambling operator owned by founder Manuel Lao Hernández. The transaction, announced on 29 June 2018, transfers ownership of CIRSA’s casino, bingo and sports‑betting businesses across Spain, Italy and Latin America, while the Argentine operations remain excluded and will continue under Mr. Lao’s separate control. Blackstone’s acquisition follows a period of sustained EBITDA growth reported by CIRSA’s chief executive Joaquim Agut, who will retain his dual role as chairman and CEO after the deal closes. The investment aligns with Blackstone’s European private‑equity strategy to deepen its exposure to high‑margin leisure assets and to capitalize on CIRSA’s established market positions, leveraging the firm’s capital and operational expertise to drive organic expansion, pursue further acquisitions and enter new geographies. Legal counsel for Blackstone was provided by Tapia, Linares and Alfaro, Philippi Prietocarrizosa Ferrero DU & Uría, Battle, Headrick Rizik Álvarez & Fernández, Bonelli Erede Pappalardo, Bennani & Associés and Garrigues, while the seller was advised by Mijares, Angoitia, Cortés and Fuentes, Tapia, Linares and Alfaro, Philippi Prietocarrizosa Ferrero DU & Uría, and other leading firms. The acquisition underscores Blackstone’s commitment to augmenting its portfolio with resilient, cash‑generating businesses and to supporting management teams in scaling operations through disciplined capital deployment and strategic guidance.

The acquisition of Cirsa is part of the growth strategy of Blackstone, which already has several external growth operations under its belt, notably Joa in 2017.