Allwyn has fortified its control over OPAP, the Hellenic gaming powerhouse, by purchasing the outstanding minority interest in Sazka, its Czech financial instrument that held the OPAP stock. This action raises Allwyn’s financial stake in OPAP from 41.2% to 48.1%, cementing its role as the dominant shareholder.

The transaction, estimated at roughly €3.274 billion ($3.715 billion), signifies a 10% markup on OPAP’s present market capitalization, a demonstration of Allwyn’s belief in the Greek firm’s future potential. Allwyn procured the financing for this purchase through a blend of cash on hand and earnings from a recent €600 million bond offering.

This calculated maneuver is a major stride in Allwyn’s continental growth plan. By reinforcing its footprint in the Greek lottery and leisure sector, Allwyn further solidifies its standing as a top contender in the field.

Robert Chvatal, Chief Executive of Allwyn, underscored the acquisition’s harmony with the company’s enduring objectives: “This is a momentous move for Allwyn, congruent with our long-declared approach of expanding our ownership in the enterprises we manage.” He additionally emphasized the culmination of endeavors over the preceding three years to consolidate possession and simplify their European activities.

Our ownership in OPAP has increased considerably, rising from slightly below 25% in 2018 to almost 50% presently. This accomplishment stems from a dual strategy: choosing to obtain a segment of OPAP’s earnings as equity dividends and proactively purchasing supplementary shares on the public exchange. We are highly satisfied with OPAP’s performance trajectory and perceive a promising future, replete with compelling prospects to expand the enterprise further.”

At the beginning of the month, reports surfaced suggesting that Allwyn is contemplating appointing former Sainsbury’s chief executive, Justin King, to lead their UK lottery business.