The merger, approved by both companies’ boards, will combine all their corporate holdings under a single entity to be named Allwyn, marking a milestone in the evolution of Europe’s gaming sector.
The new group will maintain its listing on the Athens Stock Exchange—where it will rank among the largest companies by market capitalization—and is expected to pursue a secondary listing in either London or New York. The merger builds on a partnership that began in 2013, when Czech billionaire Karel Komárek’s investment firm KKCG, the controlling shareholder of Allwyn, first invested in OPAP. Allwyn currently owns just over 51% of the Greek operator.
Executives described the merger as a strategic move to scale up globally and consolidate leadership across lottery and gaming markets in Europe, the United States and beyond. OPAP shareholders are promised access to a stronger, more diversified business, benefiting from Allwyn’s technology, AI capabilities and global brand power. For Allwyn, the deal represents what its CEO Robert Chvátal called the “next natural milestone” in the company’s growth, unlocking greater access to international capital markets.
Karel Komárek, founder and chairman of both Allwyn and KKCG, said the transaction “redefines the gaming industry” by creating a powerhouse capable of shaping the future of global entertainment. He described the merger as a “unique opportunity for investors to join a dynamic company driving innovation and expansion.”
Financially, the merged Allwyn group is projected to report pro forma EBITDA of about €1.9 billion for the 12 months to June 2025, reflecting a double-digit compound annual growth rate through 2026. Shareholders are expected to receive robust dividends, including an interim payout of €0.50 per share in late 2025 and a minimum annual dividend of €1 per share from 2026 onward.
Greek Finance Minister Kyriakos Pierrakakis hailed the deal as a “landmark example” of how Greek companies can evolve into international champions through strategic mergers and acquisitions. He said the transaction reflects investor confidence in the country’s economic prospects and underscores the growing stature of the Athens Stock Exchange—recently upgraded by FTSE Russell to developed-market status.
Following completion, the combined company will be headquartered in Switzerland, with Komárek as chairman and Chvátal remaining as CEO. OPAP’s management team, led by Jan Karas and CFO Pavel Mucha, will continue overseeing operations in Greece and Cyprus.
