Shareholders Show Strong Confidence in the Allwyn–OPAP Merger

Shareholders signal significant support for the proposed merger between Allwyn and OPAP as the deal promises to redefine Europe’s lottery and gaming landscape. OPAP held an extraordinary general meeting at the beginning of January, allowing investors to exit the company. Only 6.7% of OPAP’s outstanding shares were compensated in this manner, signaling that most shareholders prefer to remain invested in the merged group.

OPAP Shareholders Could Reap Significant Benefits

In total, holders of just under 24 million shares exercised their exit rights, receiving EUR 19.04 ($22.65) per share. This amount translates into a cash payout of roughly EUR 456 million ($542 million), which Allwyn will finance through its existing bank facilities. The relatively modest number of participants revealed steady confidence in the deal, which will create the world’s second-largest listed lottery and gaming operator.

The portion of shareholders who elected to exercise their cash exit right is a strong vote of confidence in the benefits of this exciting transaction, and we are delighted that the remaining shareholders will be investors in the combined business.

Robert Chvatal, Allwyn CEO

The merger, first announced last autumn, unites Allwyn, one of Europe’s most prominent lottery groups, and OPAP, Greece’s leading gaming company. The combined business will operate under the Allwyn name with an estimated valuation of around EUR 16 billion ($19.03 billion). The company will establish its main office in Switzerland while keeping its Athens Stock Exchange listing.

OPAP shareholders could benefit significantly from the deal, gaining access to a larger and more diversified platform. Allwyn has presented the merger as a way to accelerate growth through scale, technological investment, and deeper digital capabilities. The company also reiterated its intentions to expand brand recognition beyond its existing markets.

Allwyn Aims to Transform and Grow the Combined Business

The merger now enters its final phase. Both companies report that regulatory approvals and customary closing conditions remain on schedule. OPAP’s planned cross-border conversion, which will transfer its operations to Luxembourg, marks the next key milestone. After the transition, the company will change its name to Allwyn AG.

This is a pivotal development that will reshape the future of our industry, lead to the listing of a leading global lottery and gaming player on the Greek stock market, and create multiple benefits for our stakeholders.

Jan Karas, OPAP CEO

Once OPAP’s redomiciliation finalizes, Allwyn will transfer its assets and liabilities to OPAP in exchange for the issuance of more than 445 million new shares. The combined entity will have around 771 million shares, excluding treasury stock.  KKCG Group, Allwyn’s majority owner, will control approximately 78% of the shares, while public investors and minority shareholders will hold the rest.

Executives from both sides presented the positive shareholder sentiment as a green light to proceed with the merger. The two companies have maintained a long-term business relationship, which should significantly streamline the transition. If successful, the merger will mark one of the most significant consolidations in the global lottery and gaming sector in recent years.