US private equity fund the Blackstone Group is always to obtain Spain’s largest casino and bingo hall operator, Cirsa.
Chairman Lao: Cirsa founder Manuel Lao is to step down as chairman of the company he founded 40 years ago on completion of the Blackstone that is multibillion-dollar deal.
The 2 companies announced the deal in a joint press release on Friday, and, while precise terms were 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 itself in an enviable position as the item of a bidding war between competing US hedge funds. Advent International, Apollo Global Management and Cerberus Management were all believed to be pursuing the ongoing company, along with Blackstone.
That used a November 2017 announcement by Cirsa’s majority owner, Spanish billionaire Manuel Lao, that financial advisory firm Lazard was indeed hired to weigh a number up of strategic choices 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 close to the situation told Reuters they doubted whether a deal would just do it at all.
The Catalan company, based simply outside of Barcelona, ended up being founded in 1978 by Lao, who is ranked by Forbes as Spain’s ninth person that is richest.
Cirsa operates 147 casinos, 178 gaming halls, 70 bingo halls, 2,000 sports betting kiosks, and around 75,000 slots in significantly more than 70 nations, mainly Spain, Italy and Latin America. ادامه مطلب …