Allwyn International and OPAP, two prominent lottery operators, are advancing toward finalizing their merger, having secured substantial shareholder support. This development, announced in Greece on February 11, 2026, marks a significant milestone in the proposed €16 billion ($19.1 billion) merger first declared in October 2025. The deal holds substantial implications for the global lottery market, promising to create one of the world’s largest listed lottery and gaming entities. However, the merger remains contingent upon satisfying various regulatory requirements and conditions for completion.
The merger process involved offering OPAP shareholders the option to sell their shares for cash compensation, priced at €19.04 per share, applicable to 50,154,474 shares. This offer expired on February 9. A confirmation on Tuesday revealed that shareholders opted to exercise their exit rights on 23,959,850 shares, representing roughly 6.7% of the total shares. This outcome was interpreted by both companies as indicative of strong shareholder alignment with the merger’s objectives. The CEO of Allwyn, Robert Chvatal, highlighted this as a positive endorsement of the merger’s anticipated benefits.
As the merger progresses, shareholders are set to receive €456 million in cash compensation. This payment is scheduled to occur within a month following the completion of a necessary cross-border conversion step. To facilitate this payout, Allwyn has ensured the availability of bank financing and liquidity. Part of the merger agreement involves OPAP’s redomiciliation to Luxembourg, where it will operate under the name Allwyn AG. Allwyn will also incorporate its assets and liabilities into OPAP, resulting in the issuance of 445,684,184 new shares. Post-merger, the combined company will have a total of 770,799,070 shares, with 78.4% held by KKCG, Allwyn’s controlling shareholder, and 21.6% available as public float.
Despite the progress, the exact timeline for finalizing the merger remains unspecified, though initial projections aimed for completion within the first half of the year. Both Allwyn and OPAP have expressed confidence in meeting remaining approvals and conditions, viewing the merger as a transformative event set to establish them as a leading global lottery and gaming operator. OPAP’s CEO, Jan Karas, emphasized the strategic significance of the merger, foreseeing its potential to influence industry dynamics and benefit stakeholders.
This merger is part of Allwyn’s broader strategic vision to expand its footprint in the gaming industry. Recently, Allwyn acquired a majority stake in PrizePicks, a daily fantasy sports operator, marking its entrance into the U.S. DFS and betting market. This expansion follows Allwyn’s earlier ventures, including the establishment of the Allwyn Digital division and an overhaul of the UK National Lottery’s digital operations, which it began managing in February of the previous year.
Looking ahead, the successful merger with OPAP could potentially facilitate Allwyn’s pursuit of acquiring full ownership of Kaizen, parent company of Betano, in which Allwyn already holds a 36.75% stake. This strategic maneuvering positions Allwyn to further consolidate its influence and capabilities within the global gaming landscape.
The completion of this merger will require continued navigation of regulatory waters and fulfillment of stipulated conditions. Stakeholders are keenly observing the process, with expectations that the merger could reshape market dynamics upon its finalization. Further updates on the merger’s progress and its broader market implications are anticipated as Allwyn and OPAP work towards solidifying their combined operations.
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