On 13 October Allwyn and OPAP announced an all-share combination at an equity value of EUR 16 billion. Allwyn already owned 51.78% of OPAP. It will contribute its other businesses - the UK National Lottery, its Czech, Austrian and Italian lottery interests, the Illinois Lottery contract and PrizePicks - in exchange for new OPAP shares. After completion Allwyn holds around 78.5% and KKCG, Karel Komarek’s group, controls 85% of the votes.
The combined business has adjusted EBITDA of about EUR 1.9 billion and net debt of 2.7 times that. It stays listed in Athens and plans a second listing in London or New York. OPAP is expected to rebrand as Allwyn in 2026. Completion is targeted for the first half of 2026, subject to a two-thirds vote at the OPAP EGM and approval from the Hellenic Gaming Commission.
This is the largest gaming transaction ever assembled out of Central and Eastern Europe. A few things stand out for us.
The listed subsidiary became the deal currency. Instead of an IPO of the parent, Allwyn reversed itself into a company it already controlled. That is a route worth remembering for any CEE group that owns a stake in a listed business.
Dividends were used to carry minority shareholders through the process: a EUR 0.50 interim in November, EUR 0.80 on completion and a minimum EUR 1.00 a year from 2026.
The exit right for dissenting shareholders was capped at 5% of the capital. If more than that wanted cash, the deal could fail. That is a real condition.
The same month Intralot completed its EUR 2.7 billion purchase of Bally’s International Interactive, again paid partly in Athens-listed shares. Two multi-billion gaming deals in one quarter, both funded through the Athens exchange. For gaming businesses in the Balkans, that is now the closest large capital market.
(Sources: Allwyn press release, 13 October 2025; iGaming Business; Intralot)