Allwyn and OPAP agree €16bn mega merger to create European gaming giant
Table of contents
- The all-share transaction creates the second-largest listed lottery and gaming operator worldwide, with the combined entity maintaining its Athens Stock Exchange listing
- Allwyn reported €1.9bn EBITDA for the 12 months to 30 June 2025, with projected double-digit compound annual growth rate from 2024 to 2026
- The deal completion is expected in the first half of 2026, pending shareholder approval and regulatory clearance
Allwyn International and OPAP announced on 13 October that their boards have approved an all-share business combination valued at €16bn. The transaction establishes the second-largest listed lottery and gaming operator globally, with operations spanning Europe, the United States and other international markets.
The merger builds on a partnership dating back to 2013 when KKCG, Allwyn’s controlling shareholder, first invested in OPAP. Allwyn currently owns 51.78% of OPAP, providing a foundation for the expanded operation.
Strategic expansion and market positioning
The combined entity will operate across multiple jurisdictions including Greece, Cyprus, the Czech Republic, Austria and the United States. The company will maintain its listing on the Athens Stock Exchange and pursue an additional listing on a major international exchange such as London or New York following completion.
Allwyn reported EBITDA of €1.9bn for the 12 months ending 30 June 2025. The merged company is projected to achieve double-digit EBITDA compound annual growth rate from 2024 to 2026, with the transaction expected to deliver double-digit accretive benefits to OPAP’s adjusted earnings per share and free cash flow per share in the first full year.
“Today’s announcement redefines the sector, signalling the creation of the second largest listed gaming entertainment company globally,” said Karel Komarek, Founder and Chair of Allwyn, and of KKCG Group AG (“KKCG”).
“For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment.
“The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn’s continued investment in technology and content, will accelerate innovation and fuel significant international growth.
“We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.”
Leadership structure and financial framework
Robert Chvatal, current chief executive of Allwyn, and Kenneth Morton, current chief financial officer, will continue leading the combined company’s management team. OPAP’s existing leadership under Jan Karas as chief executive and Pavel Mucha as chief financial officer will maintain responsibility for Greek and Cypriot operations.
The combined company will operate under an eight-person board of directors chaired by Karel Komarek. The board includes six existing Allwyn directors, two of whom are independent, plus two newly appointed independent non-executive directors.
OPAP shareholders will receive an interim dividend of €0.50 per share for the 2025 financial year in November 2025. Following completion, the combined company will distribute €0.80 per share, with an annual minimum dividend of €1.00 per share from financial year 2026 onwards.
“This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece,” said Jan Karas, OPAP CEO.
“I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities”.
OPAP CFO, Pavel Mucha, added:
“The tremendous financial characteristics of the combined business will continue to deliver substantial, consistent dividends to our shareholders, while also allowing investment in the business and additional value-accretive acquisitions to further accelerate growth.”
The transaction requires shareholder approval at a general meeting expected in the fourth quarter of 2025 or first quarter of 2026, with completion anticipated in the first half of 2026.
The deal represents a shift toward consolidation in the global gaming industry, positioning the merged entity to capitalise on technology investments and international expansion opportunities.
For investors, the combination provides exposure to a diversified gaming portfolio with enhanced scale and growth prospects across established European markets and emerging international territories.
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