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Announced on Wednesday, the all-share deal is expected to close in Q2 2027, forming a combined group with a pro forma adjusted EBITDA of around €2 billion ($2.3 billion).

Cirsa’s implied pro forma value, before synergies, corresponds to an multiple of approximately 6x its expected 2026 EV/EBITDA which will be between €800 million and €820 million, according to the operator’s most recent earnings.

According to a joint press release, the combined company would hold “undisputed leadership positions” in both Italy and Spain, with the group set to hold a duel listing on the Milan and Spanish stock exchanges.

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The KVA’s statement mirrors a broader European regulatory trend where authorities are increasingly scrutinising how major internet platforms facilitate traffic to unlicensed gambling services.

In Sweden, Spelinspektionen recently flagged affiliates and social media as key channels for black market advertising and how affiliate networks redirect search traffic towards unlicensed operators.

Regulators have so far focused mainly on monitoring paid advertising. In Germany, the GGL credited an updated Google ad policy with reducing black market visibility. Yet, it acknowledged that illegal operators could still achieve visibility in organic search through SEO manipulation. 

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Cubeia’s first phase was an open approach to AI. Developers could use it whenever they wanted. Phase two brought structure, with everyone using the same agents and working through the same AI-driven pipeline. That required Cubeia to solve questions around quality, reliability and how agents could work together, while getting employees comfortable with the new way of working. Grenstad believes that work has largely been completed.

“During the hybrid period in Q1, Cubeia solved 259 issues. Once it moved to the AI-driven process, that figure rose to 421 – a 62% increase. Larger projects increased from 17 to 58. So the answer is yes: moving to AI-driven development has increased our output tremendously,” Grenstad says.

But the more important question now is what Cubeia does with that capacity. “Because we’re not spending as much time coding, we’re spending more time on the business: talking about value and understanding the domain,” he says.