Multinational gaming powerhouse CIRSA announced that it has acquired a majority stake in Slots del Sol, a leading online casino operator in Paraguay. The arrangement expands CIRSA’s LATAM footprint and is in line with its international diversification strategy.
CIRSA Enters the Paraguay Market
In its announcement, CIRSA explained that the acquisition of a majority stake in Slots del Sol would allow it to enter the Paraguay gaming market, which “fits closely” with the former company’s strategy.
For reference, Slots del Sol operates both online casino gaming at slotsdelsolonline.com, as well as land-based gaming across its two casinos and two gaming halls in the country. CIRSA noted that this omnichannel structure was another major selling point.
CIRSA elaborated that the acquisition of a majority stake in Slots del Sol will allow the former company to double down on its omnichannel approach. By securing a leading position in an established market, CIRSA also expects to bolster its value creation and overall profitability.
While the financial aspect of the agreement was not disclosed, CIRSA said that the transaction multiple is in line with other transactions it has previously carried out. The company added that the deal will be funded with available cash and is not expected to have a significant impact on the group’s leverage.
Executives Are Pleased with the Deal
CIRSA executives hailed the deal. Joaquim Agut, the company’s executive chairman, said that the acquisition of a majority stake in Slots del Sol reinforces his company’s ambition to achieve further growth in online gaming. Additionally, he cited the launch in Paraguay as a significant opportunity for CIRCA.
Paraguay represents an attractive and highly stable regulated market, with strong fundamentals, and Slots del Sol provides us with a leading platform from which to continue expanding our online capabilities in the region.
Joaquim Agut, executive chairman, CIRSA
Antonio Hostench, CIRSA’s chief executive officer, also commented on the matter, lauding Slots del Sol as an exceptional company with outstanding iGaming capabilities.
We are delighted to partner with its founding shareholders and are confident that we will be able to combine our global experience and best-in-class capabilities with their local knowledge and expertise to drive future growth. The transaction will contribute to improving the margins of our online gaming business.
Antonio Hostench, CEO, CIRSA
The acquisition announcement comes shortly after CIRSA announced the completion of a EUR 500 million bond offering. More information is available on the gaming company’s official website.