International gambling firm Allwyn and Greek-based operator OPAP have completed the next step towards their merger.
Both firms’ respective boards of directors have unanimously approved the waiver of the cash exit condition relating to the combination of the businesses, Allwyn has confirmed.
Under the previous terms, the merger had a conditional cap on the number of OPAP shareholders who validly exercised their exit right – disposing of their OPAP rights in exchange for cash compensation (€19.04 per share) following OPAP’s extraordinary general meeting on 7 January.
The allowed cap of exercised Exit Right shares was no more than 5% of OPAP’s total paid-up share capital (Cash Exit Condition). As mentioned above, this condition has now been waived by both boards, allowing for the transaction to proceed irrespective of the number of shareholders exercising their Exit Rights – and most importantly, reaffirming OPAP’s and Allwyn’s rising confidence in the merger.
Karel Komarek, Founder and Chair of Allwyn, and its investment company KKCG Group AG, said: “Today’s decision is a defining step in the combination of Allwyn and OPAP, which will accelerate innovation and further drive the enhancement of the customer proposition.
“For investors, this represents an opportunity to participate in a company with clear strategic momentum in the delivery of its vision to be the leading lottery-led gaming entertainment business globally.”
Allwyn, currently the UK National Lottery operator, first announced its move to combine with OPAP – a company it already had shares in – back in October last year.
Once the merger is completed, subject to regulatory approvals and the satisfaction of other customary closing conditions, the new entity will continue to operate under the Allwyn brand.
This will create “the second largest listed lottery and gaming operator” in the world, with a strong presence across iGaming, retail and lottery markets such as Europe and the US. Completion of the transaction is expected in the first half of this year.
Robert Chvatal, Allwyn CEO, concluded: “This transaction represents another important step forward in Allwyn’s evolution.
“Over the past thirteen years, we have transformed from a fast‑growing challenger into a diversified international leader with a strong track record of innovation and delivery. We are entering our next chapter with even greater ambition and confidence.”