Shareholders Show Strong Confidence in the Allwyn–OPAP Merger

Summary

The proposed merger between Allwyn and OPAP has received strong backing from shareholders, with only 6.7% of OPAP’s outstanding shares cashed out following an extraordinary general meeting. Around 24 million shares were redeemed at EUR 19.04 per share, a payout of about EUR 456 million funded by Allwyn’s bank facilities. The tie-up will create the world’s second-largest listed lottery and gaming operator, operating under the Allwyn name with an estimated valuation near EUR 16 billion and a main office in Switzerland while retaining its Athens listing.

Next steps include OPAP’s planned redomiciliation to Luxembourg and the issuance of more than 445 million new shares in exchange for Allwyn’s assets and liabilities, producing a combined share count of roughly 771 million. KKCG Group will remain the majority owner with approximately 78% of the combined group.

Key Points

Only 6.7% of OPAP shares were cashed out at EUR 19.04 per share, signalling broad shareholder support for the merger.
The cash payout for exiting shareholders totals about EUR 456 million, financed through Allwyn’s existing bank facilities.
The merged group will be one of the largest global lottery and gaming operators, with an estimated valuation of around EUR 16 billion.
Main office to be in Switzerland; the company will remain listed on the Athens Stock Exchange.
OPAP will redomicile to Luxembourg and change its name to Allwyn AG as part of the final integration steps.
After the transaction, KKCG Group will control roughly 78% of the combined business; public and minority investors will hold the remainder.

Context and Relevance

This merger is a major consolidation in Europe’s lottery and gaming sector. It reflects broader industry trends: scale-driven growth, cross-border restructuring, and heavier investment in digital capability and technology. For investors, regulators and industry watchers, the deal reshapes competitive dynamics—Allwyn gains scale and diversification; OPAP shareholders gain exposure to a larger platform and deeper digital resources.

The limited take-up of exit rights is being read by executives as a strong endorsement that most investors prefer to stay in the combined entity, smoothing the path to closing pending regulatory approvals and customary conditions.

Author style

Punchy: This is not just another corporate tie-up — it’s a heavyweight consolidation that will alter market structure across European lotteries and gaming. If you follow sector M&A or hold related assets, the detail here matters; the shareholder vote is a clear green light and the mechanics (redomiciliation, share issuance, KKCG control) are worth tracking closely.

Why should I read this?

Quick and dirty: shareholders basically said “we’re in.” Only a tiny slice cashed out, the payout was sizeable but manageable, and the combined firm will be huge. If you care about gambling industry consolidation, market leadership shifts, or investment implications in European lotteries, this saves you time — it’s one to watch.