Sparks - OPAP

OPAP has announced it will combine its business with Allwyn International, its majority shareholder with an existing stake of just under 52%. Following the completion of the all-share transaction, the combined group has an equity value of €16bn, with Allwyn owning 78.5% of the group and OPAP shareholders excluding Allwyn owning 21.5%. It will become the second-largest listed gaming entertainment company globally, and one of the largest companies on the Athens Stock Exchange. In addition to the Athens listing, it will seek an international listing such as London or New York.

For OPAP shareholders, the combination will significantly diversify its exposure away from Greece and Cyprus, with Allwyn having a presence in significantly more markets including the UK, the US, Canada and Brazil. The press release states the transaction will enhance growth, with projected double-digit EBITDA compound annual growth rate from 2024–26, and be double-digit accretive to its adjusted EPS and adjusted free cash flow per share in the first full year post completion, normalised for the temporary benefit of the gross gaming revenue contribution payment.

The transaction is expected to complete in Q226.