Blackstone-Backed Casino Firm Cirsa Plans Spain IPO (1)

Cirsa Enterprises, the casino operator owned by Blackstone Inc., announced plans for an initial public offering in Spain.

The offering will include a sale of new shares by the company targeting raising €400 million ($460 million), with holder LHMC Midco offering €60 million of existing shares as well, according to a statement on Wednesday.

Cirsa expects its gross proceeds from the offering to be about €375 million, which will be used to help fuel the gaming company’s growth strategy and to cut debt. The company plans to expand its casinos business unit in high-growth areas like Latin America ...