Allwyn Unveils Historic Merger with OPAP
Summary
Allwyn International has announced an all-share merger with Greece’s leading gaming operator OPAP to form a combined group named Allwyn. The transaction values the merged entity at EUR 16 billion and will be headquartered in Switzerland while remaining listed on the Athens Stock Exchange, with plans likely for an additional listing. Allwyn currently holds a 51.78% stake in OPAP; after the deal closes Allwyn will own roughly 78.5% and OPAP shareholders 21.5%, with KKCG expected to control about 85% of voting rights.
Leadership continuity is emphasised: Robert Chvatal (Allwyn CEO) will remain CEO and Kenneth Morton will stay as CFO. Czech billionaire Karel Komarek will chair the combined company. The board will have eight seats, six filled by Allwyn directors (including two independents) and two independent non-executive directors, meaning half the board will be independent. The merger is subject to shareholder approval at a general meeting planned for late 2025 or early 2026.
Key Points
- All-share merger between Allwyn and OPAP to create an entity valued at EUR 16 billion.
- The new group will be called Allwyn, headquartered in Switzerland and remain listed on the Athens Stock Exchange.
- Share distribution: Allwyn ~78.5%, OPAP shareholders 21.5%; KKCG expected to control ~85% of voting rights.
- Leadership largely retained: Robert Chvatal stays as CEO; Karel Komarek to serve as chair.
- Board composition: eight seats with half independent non-executive directors.
- Deal aims to drive scale, international growth, digitalisation, tech and content investment.
- OPAP management says the combined group will deliver substantial, consistent dividends; more detail in Allwyn’s announcement on dividend policy.
- Transaction subject to shareholder approval at a meeting in late 2025 or early 2026.
Why should I read this?
Quick and blunt: this is big. Two major players are joining forces to become the world’s second-largest listed lottery and gaming company. If you care about market shake-ups, investor returns, or who controls European gaming, this is the headline deal you need to know about — and it could change who calls the shots in lottery and gaming for years.
Author style
Punchy: this is a landmark M&A that reshapes industry scale and control. If the details matter to your portfolio, competitive strategy or regulatory watchlist, dig into the specifics; otherwise, the key outcomes above save you time.
Context and Relevance
The deal fits a broader consolidation trend in the gambling and lottery sector where scale, digital capabilities and geographic reach are decisive. By combining Allwyn’s technology and global ambitions with OPAP’s strong Greek franchise and revenue base, the merged group aims to accelerate international growth, boost digital products and increase brand recognition. Investors and regulators will watch board makeup, voting control and dividend policy closely—as will competitors and national markets where both firms operate. The move also underscores continued interest from private investment groups (KKCG) in shaping the gaming landscape.