Allwyn International and Greek gaming company OPAP SA have decided to merge in an all-stock deal that gives the combined company a stock value of €16 billion ($19 billion). The new organization will be called Allwyn, the companies said.
According to Joint declarationThe merger will create “the world’s second largest listed gaming entertainment company”, with leading positions across Europe, the US and other international markets. Allwyn, the gaming operator group now responsible for National Lottery in the United Kingdomcurrently owns 51.78% of OPAP.
The merger of Allwyn and OPAP becomes the second largest listed lottery in the world
Karel Komarek, Founder and Chairman of Allwyn and its parent company KKCG Group AG, said, “Today’s announcement redefines the sector, and signals the creation of the world’s second-largest listed gaming entertainment company. For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment.”
“We are on a mission to build the world’s leading gaming entertainment company, and today’s deal brings us one step closer to that goal.” – Karel Komarek, Founder and Chairman of Alwyn
“The combined strength and scale of these multi-billion-dollar companies, massive customer base and Alwyn’s continued investments in technology and content will accelerate innovation and catalyze significant international growth,” he added.
Robert Chvatal, CEO of Alwin, said the deal represents “another milestone in Alwin’s successful journey.” He continued: “Since our founding 13 years ago, we have It has grown significantly in terms of business performanceScale and innovation. Through this combination, we will be able to grow further and faster as we deploy group-wide knowledge, unified brand and sponsorship strategy, technology and internal content.
OPAP CEO Jan Karas described the merger as an “exciting combination” that would “create a leading gaming company with a strong Greek heritage, as well as a continued presence and listing in Greece.”
While OPAP’s CFO Pavel Mucha said the merger will maintain strong financial performance, noting that “the tremendous financial characteristics of the combined business will continue to deliver significant and consistent dividends to our shareholders, while also allowing investment in additional value-accretive businesses and acquisitions to further accelerate growth.”
The combined company will remain listed on the Athens Stock Exchange, where it is expected to become one of the largest companies by market capitalization. Alwyn also plans to look for another large international listing, perhaps in London or New York, once the merger is complete.
OPAP separately announced that it will rename its direct-to-consumer business to Allwyn starting in the first quarter of 2026. The company said the new name aims to strengthen its connection with customers and appeal to younger audiences.
As part of the merger, OPAP will transfer its operations to new Greek branches and move its official headquarters to Luxembourg. Apart from its existing stake in OPAP, Allwyn will add its assets and liabilities to the Luxembourg-based company in exchange for newly issued shares. The combined company will then move its headquarters to Switzerland, where Alwin is currently based.
The deal values the assets contributed by Allwyn at €8.97 billion ($10 billion). In return, Alwyn will receive 8.81 billion euros in new ordinary voting shares and 161 million euros ($187 million) in preferred voting shares. Once the merger is complete, Allwyn is expected to own approximately 78.5% of the new company, while OPAP’s public shareholders will own approximately 21.5%.
KKCG, which owns 95.73% of Allwyn, is expected to control approximately 85% of the combined entity’s total voting rights.
OPAP’s Board of Directors received fairness opinions from Morgan Stanley and Grant Thornton in support of the transaction. The merger still needs shareholder approval, and a general meeting is expected to be held in late 2025 or early 2026.
Featured image: Allwyn International / OPAP SA
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