Allwyn International and the Greek gaming company OPAP S.A. have decided to merge in an all-share deal that gives the combined business an equity value of €16 billion ($19 billion). The two companies said the new organization will be called Allwyn.
According to the joint announcement, the merger will create “the second largest listed gaming entertainment company globally,” with leading positions across Europe, the United States and other international markets. Allwyn, the gaming operator group now responsible for the UK’s National Lottery, currently owns 51.78% of OPAP.
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Karel Komarek, founder and chair of Allwyn and its parent company KKCG Group AG, said, “Today’s announcement redefines the sector, signalling the creation of the second largest listed gaming entertainment company globally. For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment.”
“We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.” – Karel Komarek, Allwyn founder and chair
He added, “The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn’s continued investment in technology and content, will accelerate innovation and fuel significant international growth.”
Allwyn Chief Executive Robert Chvatal said the deal marked “a further milestone in Allwyn’s successful journey.” He continued, “Since being founded 13 years ago, we have grown substantially in terms of business performance, scale and innovation. With this combination, we will be able to grow further, faster as we deploy Group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content.”
OPAP CEO Jan Karas described the merger as “an exciting combination” that “creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece.”
While OPAP CFO Pavel Mucha said the merger would maintain strong financial performance, stating, “The tremendous financial characteristics of the combined business will continue to deliver substantial, consistent dividends to our shareholders, while also allowing investment in the business and additional value-accretive acquisitions to further accelerate growth.”
Merger still needs shareholder approval
The combined company will stay listed on the Athens Stock Exchange, where it’s expected to become one of the largest firms by market value. Allwyn also plans to seek another major international listing, potentially in London or New York, once the merger is complete.
OPAP separately announced that it will rebrand its consumer-facing business to Allwyn starting in the first quarter of 2026. The company said the new name is meant to strengthen its connection with customers and attract younger audiences.
As part of the merger, OPAP will transfer its operations to new Greek subsidiaries and move its official headquarters to Luxembourg. Apart from its existing OPAP stake, Allwyn will add its assets and liabilities to the Luxembourg-based company in exchange for newly issued shares. The merged company will then move its headquarters to Switzerland, where Allwyn is currently based.
The deal values Allwyn’s contributed assets at €8.97 billion ($10 billion). In return, Allwyn will receive €8.81 billion in new ordinary voting shares and €161 million ($187 million) in preferred voting shares. Once the merger is completed, Allwyn is expected to own about 78.5% of the new company, while OPAP’s public shareholders will hold roughly 21.5%.
KKCG, which owns 95.73% of Allwyn, is expected to control about 85% of the total voting rights in the merged entity.
OPAP’s board has received fairness opinions from Morgan Stanley and Grant Thornton to support the transaction. The merger still needs shareholder approval, with a general meeting expected in late 2025 or early 2026.
Featured image: Allwyn International / OPAP SA
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