Allwyn and OPAP are joining forces to build one of the biggest names in global gaming. The Allwyn OPAP merger will create the world’s second-largest listed lottery and gaming company, valued at around EUR 16bn. The combined group will keep its Athens Stock Exchange listing and later seek a second listing.

• The all-share business combination values the merged group at EUR 16bn, with a pro forma LTM EBITDA of EUR 1.9bn excluding casinos. Management described the move as a “natural next step” in its global growth strategy, combining two long-term partners into one platform.

• After completion, Allwyn shareholders will own roughly 78.5% of the new company, and OPAP’s public investors about 21.5%. The investment group KKCG will control around 85% of voting rights through ordinary and preferred shares, with newly issued stock priced at EUR 20.12 per share.

• OPAP’s Greek operations will move into a new structure before the combined entity relocates from Luxembourg to Switzerland. Allwyn will contribute its existing businesses, excluding its OPAP stake, in exchange for new shares, with the merged group operating under the Allwyn name.

• The executive team will include Robert Chvátal as CEO and Kenneth Morton as CFO, while OPAP’s Jan Karas and Pavel Mucha will continue leading Greece and Cyprus operations. Half of the new eight-member board will be made up of independent directors.

• Dividend policy includes an interim EUR 0.50 per share in November 2025 and EUR 0.80 after completion, targeting at least EUR 1.00 annually from FY2026. The group expects to close the deal in H1 2026, pending shareholder and regulatory approval, before rebranding OPAP to Allwyn in early 2026.

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