Allwyn Entertainment and its Greek subsidiary OPAP are merging to create a new $18.5bn entity as owner Karel Komárek looks to make moves in the US market. The announcement on Monday said that when the all-share agreement goes through, it will be the second-biggest gaming group and the largest lottery entertainment firm in the world.
previously the state-owned monopoly operator in Greece
OPAP was previously the state-owned monopoly operator in Greece, and Komárek started investing in the firm back in 2013. He now holds a 52% stake in the company and 85% of the voting rights. Allwyn runs national lotteries in many countries worldwide, including the UK, Italy, and Czechia.
Komárek is open to a stock exchange listing in London or New York, two routes the company has tried to pursue in the past before abandoning plans. Once it gets the necessary approval from shareholders and regulators, the merger is expected to be completed in the first half of next year.
Allwyn has been eyeing the US online gambling market. Its latest move was the $1.6bn purchase of a majority stake in daily fantasy sports operator PrizePicks.
