Allwyn and OPAP agree €16bn mega merger

Summary

Allwyn International and OPAP have approved an all-share business combination that values the combined group at €16bn, creating the world’s second-largest listed lottery and gaming operator. The merged company will remain listed on the Athens Stock Exchange, with Allwyn planning an additional international listing (London or New York) post-close.

The deal builds on a long-standing partnership (KKCG’s investment in OPAP dates back to 2013). Allwyn currently owns 51.78% of OPAP. Allwyn reported EBITDA of €1.9bn for the 12 months to 30 June 2025, and the combined business is projected to deliver a double-digit EBITDA CAGR from 2024 to 2026. Completion is expected in H1 2026, subject to shareholder approval.

Management arrangements keep Allwyn’s Robert Chvatal (CEO) and Kenneth Morton (CFO) leading the combined company, while OPAP’s team will continue to run operations in Greece and Cyprus. Karel Komarek will chair the board.

Author note (punchy): This is a sector-defining move — big scale, clear leadership continuity and an immediate shareholder pay-out. Read the numbers if you care about market structure or dividends.

Key Points

Transaction values the combined Allwyn-OPAP group at €16bn, creating the second-largest listed lottery and gaming operator globally.
The combined company will remain listed in Athens with plans for an additional listing in a major international exchange (London or New York).
Allwyn currently holds 51.78% of OPAP; Allwyn CEO Robert Chvatal and CFO Kenneth Morton will lead the combined group’s management; Karel Komarek will chair.
Allwyn reported €1.9bn EBITDA (12 months to 30 June 2025); the combined business forecasts double-digit EBITDA CAGR through 2026 and expects double-digit accretion to OPAP’s adjusted EPS and free cash flow in the first full year post-completion.
Shareholder returns: OPAP shareholders to receive an interim €0.50 per share in Nov 2025; the combined company will pay €0.80 per share shortly after closing and pledge a minimum annual dividend of €1.00 from FY2026.
Timetable: shareholder meeting expected Q4 2025 or Q1 2026; completion anticipated in H1 2026, subject to approvals.
Background: deal builds on KKCG-Allwyn’s long-standing relationship with OPAP dating back to 2013.

Why should I read this?

Short version: this reshapes the gaming landscape. If you follow M&A, gaming stocks or European market structure, this is one to watch. It’s got size, leadership continuity, clear dividend moves and an international listing plan — all things that move share prices and strategic direction. Consider this your quick cheat-sheet.

Context and Relevance

The merger signals continued consolidation in the global gambling and lottery sector, emphasising scale, tech and content investment as drivers of growth. For investors it highlights potential rerating opportunities and enhanced dividend policy; for regulators and local markets (notably Greece) it preserves a domestic listing while creating a larger international player. Expect scrutiny on competition and regulatory approvals as the deal moves toward shareholder votes and closing.

Source

Source: https://next.io/news/investment/allwyn-opap-agree-16bn-mega-merger/