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BTIG cuts Cirsa to 'neutral', sees no rival bids to challenge Lottomatica's takeover

By Reuters News11:47 (UTC), 25 September 2026 Updated

** BTIG downgrades Spanish gaming firm Cirsa CIRSA.MC to "neutral" from "buy", saying it does not expect Lottomatica's LTMC.MI takeover offer to face any rival bids

** Italy's Lottomatica agreed in early September to buy Cirsa in a €2.8 billion ($3.2 billion) all-share deal to create the world's second-largest listed gaming and sports betting firm after Flutter FLUT.N

** BTIG says investors seeking exposure to the deal should instead own Lottomatica, as the market is not fully reflecting the benefits of the combined group

** It says Lottomatica's targeted cost benefits of €315 million to €415 million appear achievable

** The combined group could increase its share of the Spanish online gaming market from about 6% today to roughly 20% by 2030, the broker adds

($1 = 0.8770 euros)

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