Spanish casino giant Cirsa agrees purchase by Blackstone Group

Cirsa Gaming Corp has been acquired by private equity funds managed by The Blackstone Group for an estimated E2.5bn.

The purchase of the Terassa-based casino and bingo hall operator, which recorded 2017 revenue of E1.7bn, followed a number of unsuccessful bids by several US hedge funds in February.

Blackstone predicted upcoming “expansion of Cirsa both organically and through acquisitions and in new geographical areas,” according to European director Lionel Assant, adding it was “happy to make this investment.”

Cirsa, considered Spain’s largest gambling operator, currently manages 147 casinos, 70 bingo halls, 178 salons and over 75,000 gaming machines.

The sale will also see Cirsa founder Manuel Lao Hernandez step down from his position as chairman, to be replaced by Joaquim Agut, the company’s CEO since 2006.

Agut noted Blackstone’s “enthusiasm and ambition” following the deal, with Blackstone in turn adding it was “excited to support Joaquim and his strategy in this new stage.”