The boards of OPAP and Allwyn approved a major merger in Athens today, creating a $16 billion global gaming and entertainment group that will operate under the Allwyn name. The new company will keep its listing on the Athens Exchange and might pursue additional listings in London or New York after the deal is finalized, highlighting Athens’ role as a key financial center for the transaction.
Why this merger matters for Athens investors
The deal combines OPAP’s leading position in Greece with Allwyn’s extensive international presence, creating what executives are calling the world’s second-largest listed gaming and entertainment company. For investors in Athens, the continued local listing preserves their market access and liquidity, while also giving them a stake in a larger, more diverse company active across Europe, the United States, and other key markets.
What do company leaders say?
Karel Komarek, Founder and Chairman of Allwyn and KKCG, described the agreement as a game-changing step, pointing to its increased scale, customer base, and investment in technology. Allwyn CEO Robert Chvátal stated that the single brand and combined expertise will speed up growth. OPAP CEO Jan Karas stressed that the merger preserves the company’s Greek roots and its presence on the Athens Exchange while creating opportunities for innovation. OPAP CFO Pavel Mucha mentioned ongoing dividends and the ability to make valuable acquisitions.
Key financials and shareholder benefits
The combined group is aiming for considerable scale, with a pro forma EBITDA of €1.92 billion for the twelve months ending June 2025. Right after the merger is complete, Allwyn is expected to own 78.5% of the new entity, with OPAP’s current shareholders holding the remaining 21.5%.
- Global scale and growth: A bigger platform to drive international expansion.
- Diversification: A wider range of locations and products to reduce market risks.
- Technology advantage: Improved access to proprietary technology, digital tools, and AI-powered innovation.
- Enhanced returns: A financial structure that balances shareholder payouts with reinvestment and acquisitions.
Transaction structure and timeline
As a part of the restructuring, OPAP will move its operations into new Greek subsidiaries and form a parent company in Luxembourg (“LuxCo”). Allwyn will contribute its own assets, excluding its shares in OPAP, in return for newly issued shares in LuxCo. The merged group will eventually move its headquarters to Switzerland, where Allwyn is already based, and will operate worldwide under the Allwyn brand. OPAP intends to rebrand as Allwyn starting in Q1 2026, showing the integration while keeping its strong connection with Greek customers.
What changes for the Athens Exchange?
Even with the merger, OPAP will stay listed on the Athens Exchange and is anticipated to be one of its largest companies by market value. Management also indicated possible new listings in London or New York after the deal is finalized, which could attract more investors without affecting local trading in Athens.
Approvals and assessments: what’s next?
The agreement requires shareholder approval, which is anticipated between Q4 2025 and Q1 2026. Independent reviews by Morgan Stanley and Grant Thornton have verified that the transaction is fair. Currently, Allwyn holds a 51.78% stake in OPAP, a connection that began with KKCG’s first investment in the company back in 2013.
Source: The companies have not announced any changes to jobs or operations other than the restructuring already mentioned in Greece, Luxembourg, and Switzerland. Any future plans depend on getting the necessary approvals and on market conditions.
Źródło: https://greekcitytimes.com/2025/10/16/opap-and-allwyn-merge-to-create-16-billion-global-gaming-giantcombined-entity-to-remain-listed-on-the-athens-stock-exchange-and-expand-into-international-markets/
