Strong Shareholder Support for the Allwyn and OPAP Merger
Investor Confidence Highlights Merger Potential
Investors have shown strong support for the proposed merger between Allwyn and OPAP, a move set to transform Europe’s lottery and gaming sector. Recently, OPAP hosted an extraordinary general meeting at the start of January providing shareholders the option to sell their shares. Only about 6.7% of outstanding shares were sold, indicating that the vast majority of investors prefer to stay involved with the newly merged group.
Benefits for OPAP Shareholders
Nearly 24 million OPAP shares were surrendered by shareholders choosing to exit, with a payout of EUR 19.04 per share, amounting to around EUR 456 million. This payout will be financed through Allwyn’s existing banking arrangements. The relatively low exit rate signals solid confidence in the merger, which will create the world’s second-largest publicly listed lottery and gaming operator.
Robert Chvatal, CEO of Allwyn, expressed that the small percentage of shareholders opting for a cash exit exemplifies strong faith in the advantages of this transaction. He also noted the excitement about the majority who will continue as investors in the combined enterprise.
The Combined Entity and Future Outlook
The merger, first announced last autumn, brings together Allwyn—one of Europe’s leading lottery companies—and OPAP, Greece’s premier gaming firm. The new company will operate under the Allwyn name, boasting an estimated valuation near EUR 16 billion. It will establish its headquarters in Switzerland while maintaining its listing on the Athens Stock Exchange.
OPAP shareholders stand to gain access to a significantly larger and more diversified platform. Allwyn has framed the merger as a catalyst for accelerated growth, driven by increased scale, enhanced technological investments, and stronger digital capabilities. The company also aims to broaden its brand presence beyond current markets.
Final Steps and Strategic Development
With regulatory approvals and customary conditions on track, the merger is approaching completion. A key upcoming milestone involves OPAP’s cross-border shift of operations to Luxembourg, after which it will be renamed Allwyn AG.
Jan Karas, CEO of OPAP, described this transformation as pivotal for reshaping the industry landscape, establishing a leading global lottery and gaming company on the Greek market, and generating substantial benefits for all stakeholders.
Following this transition, Allwyn will transfer its assets and liabilities to OPAP in exchange for over 445 million new shares, bringing the combined total to approximately 771 million shares after excluding treasury stock. KKCG Group, the principal owner of Allwyn, will hold roughly 78% ownership, with the remainder distributed among public and minority shareholders.
Leaders from both companies view the positive shareholder response as a clear signal to proceed with the merger. Their long-standing business collaboration is expected to ease the integration process. If completed successfully, this merger will represent one of the most significant consolidations in the global lottery and gaming industry in recent memory.
