Allwyn has strengthened its position in OPAP, the Hellenic gaming powerhouse, by purchasing the outstanding shares in Sazka Delta. Sazka, already the majority shareholder through which Allwyn maintained its OPAP holdings, witnessed its financial interest in OPAP climb from 41.2% to 48.1% due to the agreement. This means Allwyn’s ownership in OPAP is now estimated at roughly €3.274 billion (or $3.715 billion). Importantly, the purchase price reflects a 10% markup over OPAP’s present market capitalization, even when considering Sazka’s existing liabilities and operational funds.
The residual minority interest was obtained from Yeonama Holdings Co., with Allwyn funding the acquisition utilizing a blend of cash on hand and a recent €600 million bond offering. This calculated maneuver is poised to expedite Allwyn’s growth throughout Europe, solidifying its presence in the Greek lottery and gaming sector.
Robert Chvatal, Chief Executive of Allwyn, highlighted the importance of securing the remaining minority stake in Sazka for realizing the company’s strategic goals. He remarked: “The purchase of the residual minority interest in SAZKA Delta represents a major accomplishment for Allwyn, aligning with our long-term vision of expanding our control in our operational entities. This transaction signifies the successful culmination of a multi-year endeavor, encompassing a series of acquisitions to secure the interests of other SAZKA Delta stakeholders.”
Our investment in OPAP has grown consistently over time, leading us to become the primary stakeholder. Their recent performance has been quite pleasing, and we’re optimistic about their prospects.”
“On a related note, there’s speculation that we may recruit Justin King, the former head of Sainsbury’s, to oversee our lottery business in the United Kingdom. He’s a highly regarded figure in the retail sector, so securing his involvement would be significant.”