International gambling company Allwyn and Greek operator OPAP have taken another step forward in their merger.
The boards of directors of both companies have unanimously approved the waiver of the cash exit condition related to the business combination, Allwyn confirmed.
Previously, the merger included a limit on the number of OPAP shareholders who could exercise their exit right — exchanging OPAP shares for cash (€19.04 / $22.27 per share) following OPAP’s extraordinary general meeting on January 7.
The maximum number of shares allowed under the exit right was 5% of OPAP’s total paid-up share capital. This condition has now been waived, allowing the transaction to proceed regardless of the number of shareholders exercising their exit rights, and reaffirming the growing confidence of both OPAP and Allwyn in the success of the merger.
Karel Komarek, Founder and Chair of Allwyn and the investment company KKCG Group AG, stated: “This decision is a defining step in the combination of Allwyn and OPAP, which will accelerate innovation and further drive the enhancement of the customer proposition.
“For investors, this represents an opportunity to participate in a company with clear strategic momentum in the delivery of its vision to be the leading lottery-led gaming entertainment business globally.”
Currently the operator of the UK National Lottery, Allwyn first announced plans to merge with OPAP — a company in which it already holds a stake — back in October last year.
Once the merger is completed, subject to regulatory approvals and the satisfaction of other customary closing conditions, the new entity will continue to operate under the Allwyn brand.
The merger will create the second-largest publicly listed lottery and gaming operator in the world, with a strong presence in online gaming, retail, and lottery markets across Europe and the US. Completion of the transaction is expected in the first half of this year.
Robert Chvatal, CEO of Allwyn, added: “This transaction represents another important step forward in Allwyn’s evolution.
“Over the past thirteen years, we have transformed from a fast‑growing challenger into a diversified international leader with a strong track record of innovation and delivery. We are entering our next chapter with even greater ambition and confidence.”
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