Grupo CIRSAa Spanish gambling operator owned by Blackstone, has received regulatory approval to acquire a 68% majority stake in CasinoPortugal.pt.

The acquisition, originally planned for September 2024, has been approved by Portuguese regulatorsincluding the Competition Authority (AdC), the Comissão de Jogos and the Serviço de Regulação e Inspeção de Jogos (SRIJ).

Regulators concluded that the deal would not have a negative impact on competition in the marketwhich paves the way for CIRSA to integrate CasinoPortugal into its portfolio.

CIRSA’s investment in CasinoPortugal was completed under undisclosed conditions The company noted that the purchase would be funded using available cash and would have minimal impact on its financial leverage.

CIRSA expects the acquisition to help the company achieve its improved 2024 financial guidance expected EBITDA from over 680 million euros (704.70 million US dollars) to 710 million euros (735.79 million US dollars)which may represent our strongest financial year to date.

The platform offers both casino gaming and sports betting services, making it a valuable addition to CIRSA’s growing online gaming portfolio. CIRSA acquired its share from SFP Online, a partnership between Amorim Turismo and Casino da Figueira, which previously co-owned the platform.

In Peru, CIRSA recently acquired a 70 percent stake in Apuesta Total, becoming the largest gaming operator in the country. This deal expanded CIRSA’s portfolio to include 500 betting points, an online sportsbook and 19 casinos with 3,200 slot machines.

In addition to its international acquisitions CIRSA is reportedly preparing for a possible initial public offering (IPO) on Bolsa Madrid. Blackstone, which acquired CIRSA in 2018 for 2 billion euros ($2.07 billion), has been exploring capital investment options and hired financial advisers including Lazard, Barclays, Deutsche Bank and Morgan Stanley to lead the IPO process.

The private equity firm is considering listing 20-25% of CIRSA sharesThe goal is to raise between 750 million euros ($777.24 million) and 1 billion euros ($1.04 billion). Speculation suggests the company could value the entire stake at 5 billion euros ($5.18 billion).

The decision to go public could be influenced by Spain’s post-pandemic economic recovery, which has outperformed other euro zone countries. Blackstone is believed to have delayed going public until economic conditions improveand the strong recovery in 2024 could provide the right environment for this move.