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Historic Merger Creates Gaming Industry Powerhouse
In a landmark deal that reshapes the global gaming landscape, Allwyn International and Greek gaming company OPAP S.A. have announced a merger that will create a combined entity with an equity value of €16 billion ($19 billion). The all-share transaction, which establishes the second largest listed gaming entertainment company worldwide, represents one of the most significant consolidations in the gaming sector in recent years.
The newly formed organization will operate under the Allwyn brand, bringing together two established gaming operators with complementary market positions across Europe, the United States, and international markets. Allwyn, which currently operates the UK’s National Lottery and holds a 51.78% stake in OPAP, will leverage this merger to accelerate innovation and expand its global footprint.
Leadership Vision for the Combined Entity
Karel Komarek, founder and chair of Allwyn and its parent company KKCG Group AG, emphasized the transformative nature of the merger. “Today’s announcement redefines the sector, signalling the creation of the second largest listed gaming entertainment company globally,” Komarek stated. “For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment.”
The executive highlighted how the combination of “multi-billion dollar businesses, massive customer base and Allwyn’s continued investment in technology and content” would drive innovation and international growth. This strategic move comes at a time when technology innovation continues to transform multiple industries, including gaming and entertainment.
Strategic Benefits and Operational Integration
Robert Chvatal, Allwyn Chief Executive, described the merger as “a further milestone in Allwyn’s successful journey.” Reflecting on the company’s 13-year history, Chvatal noted substantial growth in “business performance, scale and innovation” and expressed confidence that the combination would enable faster growth through “Group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content.”
The technological integration mirrors advancements seen in other sectors, where sophisticated technical solutions are driving efficiency across industries. Similarly, OPAP CEO Jan Karas characterized the merger as “an exciting combination” that “creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece.”
Financial Structure and Shareholder Value
The transaction values Allwyn’s contributed assets at €8.97 billion ($10 billion), with Allwyn receiving €8.81 billion in new ordinary voting shares and €161 million ($187 million) in preferred voting shares. Post-merger ownership will see Allwyn holding approximately 78.5% of the new company, while OPAP’s public shareholders will retain roughly 21.5%.
Pavel Mucha, OPAP CFO, emphasized the financial strength of the combined entity, stating, “The tremendous financial characteristics of the combined business will continue to deliver substantial, consistent dividends to our shareholders, while also allowing investment in the business and additional value-accretive acquisitions to further accelerate growth.” This financial stability is particularly notable in a business environment where manufacturing and technology sectors face increasing scrutiny regarding their operational and financial practices.
Corporate Structure and Global Presence
The merged company will maintain its listing on the Athens Stock Exchange, where it’s projected to become one of the largest firms by market value. Additionally, Allwyn plans to pursue another major international listing, potentially in London or New York, following completion of the merger.
As part of the organizational restructuring, OPAP will transfer its operations to new Greek subsidiaries and relocate its official headquarters to Luxembourg. The combined entity will subsequently move its headquarters to Switzerland, where Allwyn is currently based. This international structure reflects the growing trend of global corporations leveraging multiple jurisdictions for operational efficiency.
Brand Transition and Market Positioning
In a significant branding move, OPAP announced it will rebrand its consumer-facing business to Allwyn beginning in the first quarter of 2026. The company stated that the new name aims to strengthen customer connections and appeal to younger demographics, a strategic consideration that aligns with how digital platforms are increasingly focusing on younger audiences through tailored features and experiences.
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KKCG, which owns 95.73% of Allwyn, is expected to control approximately 85% of the total voting rights in the merged entity. The transaction has received fairness opinions from Morgan Stanley and Grant Thornton, though it still requires shareholder approval, with a general meeting anticipated in late 2025 or early 2026.
Industry Impact and Future Prospects
This merger positions the combined entity as a dominant force in the global gaming industry, with enhanced scale, diversified revenue streams, and strengthened technological capabilities. The creation of this gaming giant reflects ongoing consolidation trends in the entertainment and gaming sectors, where scale and technological innovation are becoming increasingly critical competitive advantages.
As the gaming industry continues to evolve, the Allwyn-OPAP combination establishes a powerful competitor with the resources to invest in next-generation gaming technologies, expand into new markets, and deliver sustained value to shareholders while maintaining strong roots in its core European markets.
