MADRID (Reuters) – Private equity investor Blackstone plans to list shares of Spanish gambling company Cirsa in the first half of 2025 in an initial public offering, local newspaper Expansion reported on Monday, citing unidentified market sources.

Blackstone would raise between 700 million euros and 1 billion euros ($732 billion to $1.1 billion)floating between 20% and 25% of Cirsa, Expansion said.

The investment fund has hired Barclays, Deutsche Bank and Morgan Stanley as global coordinators, the newspaper said.

Cirsa, Blackstone, Barclays, Deutsche Bank and Morgan Stanley did not immediately respond to requests for comment.

Blackstone acquired Cirsa, which operates casinos and betting shops across Spain and Latin America, in 2018 for an undisclosed sum.

In 2021, another Spanish newspaper Cinco Dias reported Blackstone was considering a Cirsa IPO in a deal that would value the company at around $3.4 billion.

($1 = 0.9557 euros)

(Reporting by Javi West Larrañaga; Editing by Inti Landauro and Emelia Sithole-Matarise)