The proposed merger between National Lottery operator Allwyn and Greece-based OPAP has taken another step forward, as shareholders have been invited to exit the business.
The deal, which was first announced in October last year, is set to create the second-largest listed lottery and gaming operator globally. Allwyn was already a majority shareholder in OPAP prior to the merger agreement, to the tune of 51%, and its profile as a global listed gaming operator was further bolstered last year by the takeover of a majority share in PrizePicks.
Shareholders representing just under 24 million shares chose to cash out, representing around 6.7% of OPAP shares, meaning that cash compensation amounted to €456m at €19.04 per share. Allwyn has said that it already has bank financing lined up to cover this sum.
“The portion of shareholders who elected to exercise their cash exit right – representing only 6.7% of the shareholders of OPAP – 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,” said Robert Chvatal, CEO of Allwyn.
“We are progressing well towards the closing of the combination of Allwyn and OPAP – a landmark transaction that will position us as the second-largest listed lottery and gaming operator globally.
“It underlines our ambition to continue growing and innovating, while delivering long-term value for all of our stakeholders.”
Eligible shareholders were required to exercise the Exit Right by 9 February 2026.
OPAP’s relocation and renaming
The next step in the landmark £14bn merger – expected to be completed in the first half of this year – is OPAP’s relocation of its headquarters to Luxembourg, expected to take place next month. After this, the business will be renamed as Allwyn AG as the entity operates under the Allwyn brand.
Jan Karas, CEO of OPAP, added: “We are pleased with the continued progress of OPAP’s combination with Allwyn, in addition to the broad-based shareholder confidence in the merits of the transaction.
“This is a pivotal development that will reshape the future of our industry, lead to the listing of a leading global lottery and gaming player on the Greek stock market, and create multiple benefits for our stakeholders.”
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