Allwyn and OPAP approve €16bn all-share Business Combination

Allwyn International AG and OPAP S.A. have confirmed that their respective Boards of Directors have approved a proposed business combination that will bring the two gaming operators together through an all-share transaction. The deal values the combined entity at an equity value of €16 billion and remains subject to shareholder approval, independent expert reviews, and regulatory and antitrust clearances.

Under the terms of the transaction, the combined company will operate under the Allwyn name and continue to be listed on the Main Market of the Athens Stock Exchange. The companies have also stated that an additional international listing may be pursued following completion. The announcement builds on a long-standing relationship between the two groups, with Allwyn currently holding a 51.78% stake in OPAP.

The proposed structure includes OPAP transferring its business into new Greek subsidiaries and establishing a Luxembourg holding company, while Allwyn will contribute its assets and liabilities, excluding its existing OPAP shareholding. Following completion, the combined group is expected to re-domicile to Switzerland, where Allwyn is currently headquartered.

On a pro forma basis, the combined business reported EBITDA of €1.9 billion for the twelve months ended 30 June 2025, including announced acquisitions that remain subject to regulatory approval. The companies stated that the transaction is intended to provide OPAP shareholders with exposure to a more diversified gaming group while maintaining OPAP’s operational presence in Greece and Cyprus.

Management continuity has also been outlined. Robert Chvatal will continue as Chief Executive Officer of the combined group, with Kenneth Morton as Chief Financial Officer, while OPAP’s current leadership team will remain responsible for its domestic operations. A shareholder meeting to approve the transaction is expected to take place in late 2025 or early 2026.