The proposed Allwyn OPAP merger has received a resounding vote of confidence from investors. Only 6.7% of OPAP shareholders choosing to exercise their exit rights during the extraordinary general meeting held in January.
The modest cash payout of approximately €456 million ($542 million) to shareholders holding just under 24 million shares indicates that the vast majority of investors believe in the long-term potential of the combined entity. Once finalized, this merger will create the world’s second-largest listed lottery and gaming operator. The company will be valued at approximately €16 billion ($19.03 billion).
Robert Chvatal, CEO of Allwyn, expressed his enthusiasm about the shareholder response: “The portion of shareholders who elected to exercise their cash exit right is a strong vote of confidence in the benefits of this exciting transaction, and we are delighted that the remaining shareholders will be investors in the combined business.”
The merger brings together Allwyn, one of Europe’s most prominent lottery groups, with OPAP, Greece’s leading gaming company. The combined business will operate under the Allwyn name. At the same time, its main headquarters will be in Switzerland while maintaining its listing on the Athens Stock Exchange.
OPAP shareholders stand to benefit significantly from the deal, gaining access to a larger and more diversified platform. Allwyn has positioned the merger as a catalyst for accelerating growth through increased scale, technological investment, and enhanced digital capabilities.
Next steps
The transaction is now in its final phase, with regulatory approvals proceeding on schedule. A key upcoming milestone is OPAP’s cross-border conversion to Luxembourg, after which the company’s name will change to Allwyn AG. Upon completion, Allwyn will transfer its assets and liabilities to OPAP in exchange for over 445 million new shares. This will result in a combined entity with approximately 771 million shares.
KKCG Group, Allwyn’s majority owner, will control approximately 78% of the merged company, with public investors and minority shareholders holding the remainder.
