Capula enters the merger of CIRSA and Lottomatica with positions valued at €65 million
One of Europe's largest alternative investment funds is looking to take advantage of the difference between CIRSA's share price and the expected value in the exchange with Lottomatica.
Capula Investment Management, considered the fourth largest European hedge fund , with some 30,000 million euros under management, has taken positions in CIRSA and Lottomatica to take advantage of the financial opportunities of its upcoming merger, according to Expansión.
Through the Capula Multi Strategy Master Fund, the fund has declared an exposure of 1.015% to CIRSA through financial instruments, valued at approximately €30 million, according to the records of the National Securities Market Commission.
At the same time, it maintains a short position of 0.5% in Lottomatica, valued at around €35 million. The arbitrage strategy aims to take advantage of the difference between the share prices of both companies and the value resulting from the transaction.
As published by INFOPLAY, the agreement establishes an exchange of 0.668 Lottomatica shares for each CIRSA share. In addition, the Spanish company plans to distribute an extraordinary dividend of 1.56 euros per share, subject to the conditions provided.
The operation has the backing of Blackstone, CIRSA's majority shareholder. The shareholders' meetings are scheduled for November 23 at Lottomatica and November 30 at CIRSA, as also reported by INFOPLAY.
The integration is scheduled for the second quarter of 2027, provided that the necessary approvals and authorizations are obtained.
