Two U.S.-based buyout funds are said to be among the bidders considering a purchase of Spanish gaming operator Cirsa Gaming Group, according to unnamed sources quoted in a Bloomberg report.
Bloomberg reported that anonymous sources “familiar with the matter” said U.S. firms Blackstone Group LP and Cerberus Capital Management are considering bids to acquire Cirsa, Spain’s larges operator of casinos and bingo halls. The report said Apollo Global Management LLC and Advent International are also considering bids to buy the company, which is owned by billionaire Manuel Lao Hernandez.
The Bloomberg sources said non-binding bids are due in the coming weeks. Analysts estimate the company could attract a price of €2 billion ($2.45 billion).
Cirsa’s €450 million in bonds due May 2021 dropped half a cent to $1.03 last week, their lowest level since July 2016, according to Bloomberg. A company spokesman told the news service that Cirsa is still evaluating all of its options, working with financial advisory firm Lazard Ltd.
Cirsa owns 134 casinos, more than 41,500 recreational machines, 68 bingo halls, 171 arcades, 2,000 sports betting outlets and more than 3,000 lottery terminals in Spain, Italy and in Latin America.
