Blackstone continues Spanish affair acquiring Giga Games

Spanish Gambling firm Grupo CIRSA has confirmed that it has acquired slot machine distributor and gaming hall operator Giga Games, from Spanish private leisure and gambling fund Conei Corporacion.

The transaction sees the Lao Hernandez family engage once more with US private equity group Blackstone, who last year acquired CIRSA from Spanish gambling tycoon Manuel Lao Hernandez for approximately €1.5 billion.  

Operating CIRSA, the US hedge fund has moved to acquire Giga Games, a company founded, and majority owned by Juan Lao Hernandez, brother of Manuel.

Spanish news sources maintain that Manuel Lao holds no equity in Giga Games, an enterprise founded by Juan Lao back in 1998, following his split from CIRSA’s executive team, which saw him sell his entire shareholding back to the family.

Deal parties have chosen not to disclose any terms related to the approved transaction. However Spanish news sources report that Giga Games had booked-in an operating income of €120 million during 2018.

Securing the deal, Blackstone will merge all Giga Games properties and services under CIRSA – an asset which Blackstone seeks to convert into the leading Spanish language global gambling group.

Absorbing Giga Games, CIRSA secures operating contracts for more 9,000 gaming machines servicing Spanish bars and adult premises.

Furthermore, CIRSA will double its gaming hall presence within its home province of Barcelona, and gain new properties in Valencia, the Balearic and Canary Islands.