OPAP and Allwyn combine to form a €16 billion company with intentions to float on a worldwide exchange.

OPAP will own 21.5% of the corporation, while Allwyn will own 78.5% of the business.

Allwyn International and OPAP have agreed to combine to form a gaming and lottery company valued at around €16 billion ($18.6 billion).

The boards of both corporations have authorized the deal, and the combined company will use the Allwyn name. OPAP will own 21.5% of the new company, while Allwyn would own 78.5% of the business.

The deal will expand on an already-existing collaboration that began in 2013 when Allwyn’s controlling shareholder, KKCG, made its initial investment in OPAP.

Allwyn currently holds 51.78% of the whole OPAP holdings.

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Subject to closing conditions, including approval from Greece’s Hellenic Gaming Commission, the merger will close in H1 of 2026.

After completion, the business will remain listed on the main market of the Athens Stock Exchange. There are also plans to list on another global international exchange such as London or New York.

What will the Allwyn-OPAP business look like?

Allwyn and OPAP said the merger will create the second largest listed gaming entertainment company in the world.

On Allwyn’s part, the company said it represents the “natural next milestone” in its journey. It said a public market listing will unlock access to equity capital markets for future growth.

According to Allwyn, the agreement protects OPAP’s long-term worth while providing its stockholders with more prospects for expansion. Separately, OPAP has decided to switch its consumer brand from OPAP to Allwyn starting in the first quarter of 2026.

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