OPAP and Allwyn Merge to Form $16 Billion Global Gaming Giant

The boards of OPAP and Allwyn have approved a landmark business merger that will unite two of Europe’s leading gaming operators into a $16 billion global powerhouse. The new entity will operate under the Allwyn name and continue trading on the Athens Stock Exchange, with plans for additional listings in London or New York following completion.

The merger brings together OPAP’s strong Greek market presence and Allwyn’s extensive international reach, forming the second-largest publicly listed gaming and entertainment company worldwide. The combined group will hold leading positions across Europe, the United States, and other key global markets.

The collaboration between OPAP and Allwyn dates back to 2013, when KKCG—Allwyn’s controlling shareholder—first invested in OPAP. Allwyn currently holds 51.78% of OPAP’s shares.

Strategic Benefits for Shareholders

The transaction is designed to enhance long-term value and strengthen OPAP’s competitiveness in the fast-evolving gaming industry. OPAP shareholders will benefit from:

• Global scale and growth: The merged company’s pro forma EBITDA is expected to reach €1.92 billion for the twelve months ending June 2025.
• Diversification: Broader international exposure and multiple product categories reduce market risks.
• Technological advantage: Greater access to proprietary technologies, digital platforms, and AI-driven innovation.
• Enhanced returns: A capital framework balancing strong shareholder distributions with reinvestment in growth and acquisitions.

Immediately after completion, Allwyn is expected to hold 78.5% of the new company, while OPAP’s remaining shareholders will own 21.5%.

Despite the merger, OPAP will remain listed on the Athens Exchange, expected to be one of its largest companies by market capitalization. Additionally, from Q1 2026, OPAP will adopt the Allwyn brand, symbolizing its evolution while maintaining deep connections with Greek consumers.

Karel Komarek, Founder and Chairman of Allwyn and the KKCG Group, described the merger as “a transformative moment creating the world’s second-largest listed gaming and entertainment company. The combined scale, customer reach, and technology investments will accelerate innovation and international growth.”

Robert Chvátal, CEO of Allwyn, added: “This merger allows us to grow faster, leveraging our shared expertise, unified brand strategy, and proprietary technology.”

Jan Karas, CEO of OPAP, emphasized: “This merger strengthens our Greek heritage and ensures our continued presence on the Athens Stock Exchange, while opening exciting new opportunities for innovation and growth.”

Pavel Mucha, CFO of OPAP, noted that the financial strength of the merged company “will sustain attractive dividends and support future value-accretive acquisitions.”

As part of the restructuring, OPAP will transfer its operations to new Greek subsidiaries and establish a new parent company in Luxembourg (“LuxCo”). Allwyn will contribute its assets—excluding its OPAP shares—in exchange for newly issued LuxCo shares.

The merged entity will later relocate its headquarters to Switzerland, aligning with Allwyn’s existing base, and operate globally under the Allwyn name.

The transaction values Allwyn’s net assets at approximately €8.97 billion, while OPAP’s remaining shareholders will maintain a meaningful stake in the merged company.

The deal remains subject to shareholder approval, expected between Q4 2025 and Q1 2026, and follows independent assessments from Morgan Stanley and Grant Thornton confirming its fairness.