Cirsa Buys 70% of Apuesta Total for Peru Dominance
Blackstone subsidiary Grupo Cirsa has announced its acquisition of a 70% stake in Apuesta Total, the biggest sportsbook in Peru.
Cirsa aims to become the largest gambling operator in Peru with the acquisition. (Source: LyonPeru, Pexels)
LISTEN TO THIS ARTICLE:The move will see Cirsa become the majority shareholder of Apuesta Total, which operates an extensive network of 500 betting locations across the country's provinces and municipal districts.
Cirsa launched in the Peruvian market in 1996 and has since developed an extensive land-based gaming portfolio of 19 casinos, 74 betting outlets, and over 3,200 slot machines. With the acquisition, the operator can further cement its position as the largest gambling group in the region.
Gonzalo Pérez, the General Manager of Apuesta Total, forecasts a 30% increase in revenue by the end of 2024, fueled by high-profile events like the Copa América and UEFA Euros. This projected growth aligns with CIRSA's investment strategy, which banks on the increasing demand for online sports betting and gambling in Peru.
In the near future, Cirsa plans to purchase the remaining 30% of Apuesta Total's shares and secure complete ownership and control of the company.
More Business News
Cirsa’s Success Fuels IPO Rumors
This development comes amid speculation that Blackstone is considering an initial public offering (IPO) for CIRSA valued at €5 billion following the company's return to growth in 2023. In the year, the company achieved revenues of €1.9 billion and corporate profits of €80 million.
The Spanish gambling group is said to have enlisted the services of investment banks Morgan Stanley, Duetsche Bank, and Barcalys to pave the way for an IPO. Cirsa has, however, remained silent on the matter.
This would not be the first time such rumors have surfaced. In 2021, Spanish newspaper Cinco Dias reported that Blackstone will take Cirsa public in a deal valued at $3.4 billion.
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