Allwyn International and OPAP said their boards approved an all-share business combination, valuing the combined company at €16bn in equity. Allwyn currently owns 51.78% of OPAP; after completion, it is expected to hold about 78.5% of the combined company, with other OPAP shareholders holding 21.5%.
The proposed combination would change ownership and the structure of two listed gaming businesses.
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Allwyn said it has extended its partnership with Formula 1 for a multi-year term and launched the Allwyn League on F1 Predict. The league will award prizes, including Grand Prix tickets, to users who score well on race predictions. Formula 1 said the renewed partnership also includes its Formation Lap and the Allwyn Global Community Award programme.
Allwyn began trading on the Athens Stock Exchange after completing its merger with OPAP, according to the report. The combined entity was valued at €16 billion; Allwyn said it is considering a further listing in London or New York.
Allwyn and Novibet parent Logflex MT Holding agreed to withdraw their planned acquisition after receiving feedback from Greece’s Hellenic Competition Commission, the companies said. The HCC warned that the deal would give Allwyn sole control of a close competitor and strengthen its position in the Greek market.
Allwyn International and Logflex MT Holding agreed to withdraw their proposed acquisition from review by Greece’s Hellenic Competition Commission, Allwyn said on 4 March. The planned majority-stake deal was valued at up to €327 million; the commission had raised concerns that it could increase Allwyn’s market share in online betting and gaming to more than 70%.
Allwyn and OPAP said their proposed merger remains on schedule after OPAP shareholders exercised cash exit rights over 6.7% of its outstanding shares. Holders of just under 24 million shares received €19.04 per share, for a payout of about €456 million that Allwyn will fund through existing bank facilities. Regulatory approvals and closing conditions remain outstanding, with OPAP’s planned cross-border conversion the next milestone.