Milbank Advises Allwyn on €16B All-Share Combination with OPAP

Allwyn International AG (“Allwyn”) and OPAP S.A. (“OPAP”) announced that their respective Boards of Directors have approved the business combination of Allwyn and OPAP through an all-share transaction that values the resulting entity (the “Combined Company”) at an equity value of €16 billion (the “Transaction”). This will be facilitated by their entry into a transaction agreement. The Combined Company will be renamed Allwyn.

The Transaction marks a major milestone in the evolution of both companies. It will bring together two leading gaming operators, creating the second largest listed gaming entertainment company globally, with multiple diverse, fast-growing and market-leading positions across Europe, the United States and other international markets. The Transaction builds on the existing successful partnership between OPAP and Allwyn which goes back to 2013, when KKCG, the controlling shareholder of Allwyn, first invested in OPAP.

Following the completion of the Transaction, the Combined Company will remain listed on the Main Market of the Athens Stock Exchange, where it is expected to be one of the largest companies by market capitalisation. Allwyn intends to pursue an additional listing on another leading international exchange such as London or New York following closing.

Milbank LLP is serving as legal counsel to Allwyn, with a deal team led by Corporate Finance and Securities partner Apostolos Gkoutzinis and Global Corporate/M&A partners Norbert Rieger, Andrew Nuthall and Paul Buchan, with Tax partners Matthias Schell and Alan Rafferty.

The team also included Corporate Finance and Securities associates Cheyne Cudby and Andrew Wells and Global Corporate/M&A associates Aoibheann Harkin and Jordan Crowe.