Amended Terms Reduce KKCG's Voting Interest In Allwyn-OPAP Merger

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Allwyn will not get as many ballot rights in OPAP following the upcoming merger of the two business as initially prepared.


Some specific terms and conditions around the merger between the international lotto operator and the Greek betting, gaming and lotto group have actually been changed.


Initial regards to the merger agreement saw KKCG Group protected 85% voting interest in the combined entity as an outcome of Allwyn's shares in OPAP being enlarged from 51.78% to 78.5%.


However, revised terms have actually now seen the types of shares held by Alllwyn altered - rather of preference shares with enhanced voting rights, it will now just get ordinary shares.


As a result, KKCG's voting interest in the Allwyn-OPAP combined entity will drop from 85% to 75.1% - the like the number of shares it will hold in the joint business. In addition, Allwyn's portion of shares will stay at 78.5% in spite of the modification in ballot rights.


In the grand scheme of things, this changes really little as the Czech-based investment group stays the majority stakeholder.


Aside from voting rights, the merger in between Allwyn and OPAP is as prepared, with the combined company still set to operate as an Athens Stock Exchange-listed company and continue running in its present suite of markets.


In a declaration on the matter, Allwyn asserted that 'the removal of the contemplated issuance of preference shares highlights the commitment of Allwyn and OPAP to continuing the long-lasting collaboration with existing investors'.


The choice was made at an Amazing General Meeting (EGM), however has yet to be approved by investors in both companies. OPAP's board has actually currently approved the procedure, with its EGM scheduled for 7 January 2026.


The move reveals that the Allwyn-OPAP merger is well en route to completion, regardless of any changes to particular terms. The offer will further develop Allwyn as the world's second largest gaming business by market cap, after Flutter Entertainment.


M&A has actually been the defining function of Allwyn's 2026 strategy, with the OPAP merger being announced just a month after it obtained US everyday dream sports (DFS) platform PrizePicks for $1.6 bn. PrizePicks would start an expansion into prediction markets quickly after.

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