Business Combination of Allwyn and OPAP to create the 2nd Largest Listed Lottery and Gaming Operator Globally

Allwyn International AG, which is part of KKCG, and OPAP S.A. are pleased to announce that their respective Boards of Directors have approved the business combination of Allwyn and OPAP through an all-share transaction that values the resulting entity (the “Combined Company”) at an equity value of €16 billion. The Combined Company will be renamed Allwyn.

The transaction marks a major milestone in the evolution of both companies. It will bring together two leading gaming operators, creating the second largest listed gaming entertainment company globally, with multiple diverse, fast-growing and market-leading positions across Europe, the United States and other international markets. The transaction builds on the existing successful partnership between OPAP and Allwyn which goes back to 2013, when KKCG, the controlling shareholder of Allwyn, first invested in OPAP. Allwyn currently owns 51.78% of OPAP.

Allwyn brings a strong track record of both organic and inorganic growth, including through strategic and bolt-on acquisitions. The transaction safeguards the long-term value of OPAP in a rapidly evolving gaming environment. It also allows OPAP’s public shareholders to benefit from advantages of the Combined Company, including growth, scale, diversification, access to leading technology and digitalisation and increased global brand recognition, while continuing to benefit from substantial and resilient cash returns. For Allwyn, the transaction represents the natural next milestone in its journey with a public market listing unlocking access to equity capital markets for future growth and elevating the profile of its global platform. It is a significant step in Allwyn’s mission to become the leading global gaming entertainment company.

Following the completion of the transaction, the Combined Company will remain listed on the Main Market of the Athens Stock Exchange, where it is expected to be one of the largest companies by market capitalisation. Allwyn intends to pursue an additional listing on another leading international exchange such as London or in New York following closing.

The completion of the transaction is expected to occur in the first half of 2026, subject to the approval of the General Meeting of the OPAP shareholders and all requisite regulatory approvals.

Further information on the transaction, shareholder information and more is available here: allwyn.com