Cirsa takes 70% stake in leading Peruvian operator Apuesta Total
Spanish gaming giant expands its reach in Latam via latest M&A move as it confirms option to take full ownership of omnichannel firm in the future
Cirsa Enterprises has acquired a 70% stake in Peruvian operator Apuesta Total as the privately owned company looks to strengthen its hand in Latam.
The Spanish gaming giant confirmed it had taken a majority shareholding in the business in a brief notice to market late last week.
Cirsa also has the option to acquire the remaining shares in the business via a put and call structure.
While the financial details of the agreement were not disclosed, Cirsa said the multiple paid is “in line with prior online transactions”.
The move has been funded by existing available cash, with Cirsa saying the acquisition will have an unsignificant impact on group pro forma leverage.
Apuesta Total is one of the largest operators in Peru and is looking to hold onto its premier position as the market readjusts to its regulated state.
The firm, which is part of a group of land-based casinos that have been in operation since 1983, now sees about 60% of revenue from its online business.
According to Cirsa, Apuesta Total closed out 2023 with GGR of more than €100m, with the omnichannel operator boasting more than 500 retail locations in the market.
As per Cirsa’s Q1 report, the firm said it remained on the hunt for M&A targets, having acquired 60% of Italian operator ePlay24 and Mexican firm Ganabet in 2022.
The report read: “We will continue to focus on acquisitions in the online space that fit into our omnichannel business model and on bolt-on acquisitions in the retail space as there is good potential for growth in both of them.”
On the Apuesta Total move, Cirsa added: “The acquisition is consistent with our M&A strategy focused on the online space and positions Cirsa as a key player in the developing Peruvian online gaming and betting market, which became regulated in March 2024, strengthening our omnichannel strategy in Latam.”
Cirsa, which also boasts legacy land-based operations in Spain and Latam, reported Q1 EBITDA of €163.9m, up 8.6% against Q1 2023.
Almost half of the group’s earnings come from Spain (48.9%), with Panama (14.1%) and Colombia (10.7%) the next biggest markets for the firm.
Cirsa’s existing online brand, Sportium, is the official betting partner of Premier League champions Manchester City in Latam.
Speaking to EGR last year, Apuesta Total CEO Gonzalo Perez said he expected investment to come into the business rather than the operator head out on its own M&A pathway.