Allwyn and OPAP to merge in €16bn all-share deal

Allwyn International and Greece’s OPAP have agreed to combine in an all-share transaction valuing the new group at about €16 billion, a move that would create the world’s second-largest publicly listed lottery and gaming operator. The combined company will trade under the Allwyn name.

Under the terms outlined so far, Allwyn will hold a roughly 78.5% economic interest in the merged entity, with OPAP investors owning the balance. The group plans to remain listed on the Athens Stock Exchange and is exploring a potential additional listing in London or New York.

Leadership is expected to remain in familiar hands: Allwyn CEO Robert Chvátal will lead the enlarged group, while Allwyn founder Karel Komárek will serve as chairman. Corporate structuring will include a Luxembourg entity and a redomiciling of the parent to Switzerland, according to reports.

Management says the tie-up will accelerate product and technology integration across markets, expand digital distribution, and support a more ambitious M&A program—particularly as the sector consolidates and online penetration grows. Analysts note the scale advantages in content, marketing, and vendor negotiations, as well as a broader funding base for expansion.

The deal builds on a long-running relationship: Allwyn (and its parent KKCG) has been a major shareholder in OPAP for years. With this step, the companies aim to unify strategy and branding while preserving OPAP’s operational leadership in Greece and Cyprus within the larger group.

Completion is targeted for the first half of 2026, subject to customary shareholder and regulatory approvals. An investor presentation dated 13 October 2025 details the combination’s highlights and timetable.