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national lottery Operator Allwyn has agreed a deal to merge Greek The firm will create a global listed gaming giant worth OPAP around 16 billion euros (£13.9 billion).
Allwyn, which already has a controlling stake of about 52% in Athens-listed OPAP, plans an all-share tie-up with OPAP that would see the combined group renamed Allwyn.
This will give Allwyn a stock market presence, with plans to retain OPAP. Athens Listing for the merged group, but both aim to launch an additional stock market listing London Or New York.
The groups claim that the deal will make the combined firm the world’s largest listed lottery firm and the second largest listed gaming firm globally.
Czech tycoon Karel Komarek’s investment vehicle KKCG owns Allwyn with a 96% stake and will remain the largest shareholder in the combined company.
Allwyn will hold approximately 78.5% stake in the merged group, while OPAP will hold the remaining 21.5%.
Mr Komarek, Founder and Chairman of Allwyn and KKCG, said: “Today’s announcement redefines the sector, signaling the creation of the second largest listed gaming entertainment company globally.
“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 billion-dollar businesses, vast customer base and Allwyn’s continued investment in technology and materials will accelerate innovation and drive significant international growth.
“We are 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.”
KKCG first invested in OPAP in 2013.
Following the merger, the merged group will shift its residence to Switzerland, where Allwyn is currently headquartered.
Robert Chwetal, chief executive of Allwyn, said: “Since being founded 13 years ago, we have grown significantly in terms of business performance, scale and innovation.
“With this combination, we will be able to grow even faster as we deploy group-wide information, an integrated brand and sponsorship strategy, and in-house technology and content.”
The deal is expected to be completed in the first half of next year.
KKCG sells 4.27% stake in Allwyn to Central european In August investment fund J&T Arch Fund valued the firm at 11.2 billion euros (£9.7 billion).
Allwin, which runs lotteries in the UK and Europe, reported a 6% rise in underlying income to 362 million euros (£315 million) in the second quarter to the end of June, as total revenue rose 6% to 2.27 billion euros (£1.97 billion).
In 2019, KKCG took 100% control of European lottery group Szka Group before rebranding as Allwin.
Allwyn was granted a license to run the National Lottery until 2022, before formally taking over the 10-year license to run the lottery from Camelot in February last year.