Allwyn and OPAP Announce EUR 16 Billion Merger to Create Lottery Giant

Allwyn International AG, backed by Czech billionaire Karel Komarek, and Greek gaming firm OPAP S.A. have announced a business combination through an all-share transaction. The deal values the combined entity at an equity value of approximately EUR 16 billion (USD 18.6 billion).

The transaction will create the second-largest listed gaming entertainment company globally. Under the terms of the agreement, Allwyn shareholders will own 67% of the combined group, with OPAP shareholders holding the remaining 33%. The merger is expected to generate at least EUR 100 million in annual cost synergies within three years.

Following the transaction's close, which is expected in the first quarter of 2026, OPAP CEO Jan Karas will lead the combined entity as Group CEO, while Allwyn founder Karel Komarek will serve as Chairman of the Board. The new group will remain listed on the Athens Stock Exchange and will explore an additional listing in London or New York.

Lenz & Staehelin is advising Allwyn on the transaction. The team is led by Tino Gaberthüel and includes Lukas Held, Yves Loher, and Patrick Schleiffer (all M&A, Capital Markets). Financial advisors on the deal included Citi and JP Morgan for Allwyn, and Morgan Stanley and Goldman Sachs for OPAP.