6.7% of OPAP Investors Opt To Cash Shares Before Allwyn Merger

Allwyn and OPAP have secured another step toward completing the planned merger for their lottery and gaming operations across several European countries. Ahead of the transaction, 6.7% of OPAP shareholders have decided to cash their shares. 

The deal will increase Allwyn’s economic interest in OPAP and move the Greek operator toward a simplified ownership structure.

Shareholder vote strengthens merger timeline

Following OPAP’s Extraordinary General Meeting on 7 January, investors holding 50,154,474 shares were offered the opportunity to sell at €19.04 per share. The deadline for participation was 9 February, with 23,959,850 shares tendered through the process.

Allwyn CEO Robert Chvatal said: “The portion of shareholders who elected to exercise their cash exit right – representing only 6.7% of the shareholders of OPAP – is a strong vote of confidence in the benefits of this exciting transaction and we are delighted that the remaining shareholders will be investors in the combined business.”

Pending regulatory approvals, the deal should be completed by the first half of the year. Authorities in Greece and Cyprus are currently assessing compliance with competition and gaming rules before granting final clearance.

Financing strategy supports share purchase

In a separate update, Allwyn confirmed that its UK-based financing vehicle, Allwyn Entertainment Financing (UK) plc, has begun a €500m debt issuance. The offering consists of senior secured notes and forms part of a refinancing effort. The company also plans to raise an additional €100m through a fungible extension of its existing €925m senior secured Term Loan B facility, which matures in 2032.

Proceeds from the bond sale and expanded loan facility will cover the €456m payment owed to OPAP shareholders who opted for the cash exit. Therefore, Allwyn can maintain liquidity while consolidating its position in the Greek operator.

Integration aims to simplify operations

The merger is expected to place OPAP fully under the Allwyn brand, allowing the group to streamline technology infrastructure and procurement processes across its markets. Managing separate legacy systems has presented operational challenges with increased digital expectations and cross-border compliance requirements.

Allwyn currently operates lotteries in Austria, the Czech Republic, Italy, and the UK, expanding through acquisitions and organic growth. The company began operating the UK National Lottery in early 2024, after obtaining its fourth license. Integrating OPAP will improve cash flow stability while expanding revenue opportunities into sports betting and digital gaming segments.

Regulatory process continues as merger advances

Despite the complexity of completing a multi-jurisdicational merger, both parties claim the deal is still within its timeline. After the shareholder votes, the companies will focus on aligning governance frameworks and standardising compliance procedures across markets.

The successful vote removed a key obstacle to the deal, showing investor confidence in this move. Investors have focused on the potential for stronger dividend visibility and the advantages of a larger balance sheet. When completed, the combined entity will rank among the largest lottery operators globally, with a valuation running into several billion euros. No further shareholder meetings are required before the next phase of the merger proceeds.