Allwyn, OPAP to Create $18.6 Billion European Gambling Giant Through Merger
By Najat Kantouar
Lottery operator Allwyn and Greece's OPAP said they agreed to merge in an all-stock deal set to create a European gambling giant with a combined value of 16 billion euros ($18.59 billion).
Allwyn, founded by Czech entrepreneur and investor Karel Komarek, and Athens-listed Organisation of Football Prognostics, in which Allwyn has a 51.78% stake, said Monday that they aim to create the second-largest listed gambling company globally after Flutter Entertainment.
Under the deal, OPAP will transfer its business to new Greek subsidiaries and its statutory seat to Luxembourg, the company said. Meanwhile, Allwyn will contribute all its assets--excluding its OPAP stake--to the Luxembourg entity in exchange for newly issued shares, they added.
OPAP shares were up 2.8% in European afternoon trading.
The deal values Allwyn--excluding its OPAP shares--at 8.97 billion euros, the companies said. Allwyn is expected to have a 78.5% stake in the resulting company, while OPAP's minority shareholders will hold the remaining 21.5%, the companies said. Allwyn is currently 95.73% owned by Komarek's investment firm KKCG, which is expected to control 85% of the voting rights in the new company, they said.
The merged company will keep the Allwyn name and will remain listed on the Athens Stock Exchange, with plans to pursue an additional listing in London or New York following closing, the companies said. It will redomicile to Switzerland, where Allwyn is currently based, they said.
Allwyn's chief executive, Robert Chvatal, will lead the combined group, while Komarek will chair its board, the companies said. OPAP's current managers will head the enlarged group's operations in Greece and Cyprus, they added.
The combined strength and scale of the businesses will accelerate innovation and fuel significant international growth, Komarek said.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
October 13, 2025 07:39 ET (11:39 GMT)
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