Allwyn Unveils Historic Merger with OPAP

Allwyn International has announced a strategic merger with OPAP, Greece’s leading gaming company. The resulting entity will be called Allwyn and will position itself as the second-largest listed lottery and gaming company in the world.

The Creation of Gaming’s Second-Largest Business

According to the announcement, Allwyn will merge with OPAP through an all-share transaction that values the emerging entity at EUR 16 billion. The combined company will be headquartered in Switzerland and is set to remain listed on the Athens Stock Exchange and is expected to be one of the largest companies in terms of market capitalization. Allwyn added that the emerging entity will likely pursue listing on an additional exchange.

As mentioned, this transaction will create the second-largest listed gaming entertainment company, setting up Allwyn for future success. The transaction follows over a decade of fruitful partnership between Allwyn International and OPAP, in which Allwyn currently owns a 51.78% controlling stake.

The deal, according to Allwyn, seeks to ensure the long-term value of OPAP and will provide the Greek company’s shareholders with a variety of benefits. Investors can look forward to an entity that is poised for further growth, scale, diversification, tech improvements, digitalization, and increased brand recognition worldwide.

Allwyn added that the transaction is a “natural next milestone in its journey” and a major step in the company’s mission to become the leading global gaming entertainment company.

The Leadership Will Remain Mostly Consistent

Allwyn commented on the leadership of the combined company, saying that Allwyn’s current CEO, Robert Chvatal, will retain his position, and so will CFO Kenneth Morton. OPAP’s leadership, meanwhile, will continue to lead the company’s operations in Greece and Cyprus.

Czech billionaire Karel Komarek will serve as the chair of the resulting company, the board of directors of which is set to have eight seats in total. These will be occupied by six Allwyn directors (which include Komarek and two independent directors), as well as two newly appointed independent NEDs. This means that half of the board members will be independent.

Once the transaction closes, Allwyn will have a stake of roughly 78.5% in the resulting entity. OPAP shareholders, meanwhile, will hold the remaining 21.5%. As a result, KKCG is expected to control 85% of total voting rights in the combined company.

Allwyn’s merger with OPAP is currently subject to shareholder approval. The matter will be discussed at a general meeting set to take place in late 2025 or early 2026.

The Deal Can Redefine Gaming Entertainment

Executives commented on the landmark arrangement, with Karel Komarek, Allwyn’s founder and chair, saying that the deal will redefine the gaming sector.

The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn’s continued investment in technology and content, will accelerate innovation and fuel significant international growth. We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.

Karel Komarek, founder & chair, Allwyn

Allwyn’s CEO, Robert Chvatal, was likewise pleased with the transaction, calling it a major milestone in Allwyn’s ongoing growth journey. He added that the merger will allow the business to go even further.

OPAP’s CEO, Jan Karas, echoed the excitement, saying that the merger will create a “leading gaming company with strong Greek heritage.” He added that he is looking forward to seeing where Allwyn and OPAP go together.

Last but not least, Pavel Mucha, CFO of OPAP, noted that the transaction will allow the resulting business to deliver “substantial, consistent dividends” to the shareholders.

More information about the combined company’s dividend policy and capital allocation is available in Allwyn’s official announcement.