Cirsa acquires Giga Games from Juan Lao's Conei Corporación

Spanish gambling multinational firm Cirsa has acquired slot machine distributor and gaming hall operator Giga Games System Operation, from Spanish private leisure and gambling fund Conei Corporación. The transaction sees the Lao Hernández family engage once more with US private equity group Blackstone, who last year acquired Cirsa from Spanish gambling tycoon Manuel Lao Hernandez for approximately EUR 1.5 billion (USD 1.68 billion).

According to Spanish news outlets report, confirmed extra-officially by Yogonet, in a recent statement sent to investors Cirsa confirmed the operation and explained that now it is subject to the different regulatory authorizations. Operating Cirsa, the US hedge fund has moved to acquire Giga Games, a company founded and majority owned by Juan Lao Hernández, Manuel’s brother.

Spanish news outlets report 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. The operation represents the reunification of the Lao brothers' business, although already under the Blackstone fund.

Deal parties have chosen not to disclose any terms related to the approved transaction. 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.