OPAP Shareholders Give the Thumbs Up to Allwyn Merger

OPAP has held an Extraordinary General Meeting (EGM) during which its shareholders voted on the planned merger with Allwyn. The deal has secured the necessary shareholder go-ahead to advance, although it remains subject to additional conditions.

Allwyn and OPAP Want to Merge into a European Powerhouse

In October last year, European lottery giant Allwyn set out to merge with Greek gaming leader OPAP and form an even stronger entity. If the deal closes, the emerging business will position itself as the second-largest listed lottery and gaming company in the world.

Earlier estimates valued the emerging entity, which will retain the name “Allwyn,” at EUR 16 billion. The resulting company will be headquartered in Switzerland and will remain listed on the Athens Stock Exchange. Experts added that the emerging entity will likely pursue listing on an additional exchange.

For Greek shareholders, this deal means a huge opportunity to reap benefits thanks to Allwyn’s expected pursuit of growth, scale, diversification, tech improvements, digitalization, and increased brand recognition worldwide.

As a result, the agreement has now been approved by OPAP shareholders, allowing the two businesses to proceed with the historic merger.

OPAP Shareholders Greenlight the Next Step of the Arrangement

OPAP’s shareholders voted in favor of moving forward with the merger with Allwyn at the recent EGM, which took place on January 7. In addition to that, shareholders approved the re-domiciliation of the business to Luxembourg, paving the way for the emerging entity’s eventual move to Switzerland.

OPAP’s re-domiciliation secured backing from roughly four in five shareholders, representing 231,008,219 of the company’s total shares (358,603,478).

The merger with Allwyn has so far been mostly smooth sailing due to the long-term relationship between the two companies. Allwyn has been a majority OPAP shareholder for several years, with the current deal seeking to cement this partnership and bring it to the next level.

However, OPAP’s shareholder approval isn’t the final step of the two companies’ merger journey. Additional matters, such as the planned re-domiciliation to Switzerland, are still subject to certain closing conditions and regulatory approvals in Greece and beyond.

In any case, OPAP expects to complete the cross-border conversion within three months.