The leading Spanish business newspaper, Cinco Dias, is reporting that venture capitalist Blackstone plans to take casino operator Cirsa public early in 2022, and that such a deal could value the company at $3.4bn.
Founded over 40 years ago by Manuel Lao Hernandez, and headquartered in Terrassa, Catalonia, Cirsa was acquired by Blackstone in 2018. The business has properties throughout Spain and also in Italy, Morocco and Central and South America.
Difficulties resulting closures due to the Covid-19 pandemic are now easing, with third quarter operating profit for 2021 reported at €100.6m. At the time these results were announced, a statement from Cirsa said: “These results reflect the strict fulfilment of the targets included in the contingency and commercial plans implemented to face the pandemic situation.”
Despite these signs of recovery, the Cinco Dias report says that Blackstone is seeking to divest itself of Cirsa, and that US investment bank Lazard is advising on the deal, with Deutsche Bank and Barclays also playing actives roles in the process.