Blackstone postpones CIRSA IPO amid market volatility

Blackstone has delayed the initial public offering (IPO) of Spanish gaming operator CIRSA on the Madrid Bolsa, citing unfavorable market conditions, according to reports from Spanish business daily Expansión.

The private equity firm had planned to list approximately €1 billion ($1.087 billion) of CIRSA shares in April 2025, but the offering is now expected to take place in the second half of the year, depending on market stability.  

The postponement comes as global stock markets face sharp declines, driven by rising trade tensions. The administration of former U.S. President Donald Trump has imposed 25% tariffs on imports from Canada, China, and Mexico, along with 10% duties on energy exports, contributing to market volatility.  

Additionally, new U.S. tariffs on European steel and aluminum have prompted the European Union to prepare €26 billion in countermeasures, set to take effect by April 1.  

The S&P 500 index has fallen nearly 8%, erasing $4 trillion in market value, while Spain’s IBEX 35 has recorded consecutive losses of 2%–3%, as major Spanish-listed firms grapple with rising costs.  

CIRSA, a leading gaming operator with casinos, arcades, and betting shops in Spain, Colombia, Mexico, Peru, and Costa Rica, now faces heightened market uncertainty. The economic climate has raised concerns about investor sentiment toward gaming businesses, making an IPO less attractive.  

Blackstone had initially planned to capitalize on Spain’s strong economic performance to take CIRSA public. In preparation, it enlisted Lazard, Barclays, Deutsche Bank, and Morgan Stanley to oversee the listing.  

Reports suggest Blackstone aimed to sell 20%–25% of CIRSA shares, targeting a valuation of €750 million to €1 billion. Earlier speculation indicated the firm could seek a full exit, valuing CIRSA at up to €5 billion.