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Organization of Football Prognostics S.A. (OPAP) investor relations material
Organization of Football Prognostics S.A. M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary13 Oct, 2025
Deal rationale and strategic fit
The merger creates a leading global lottery and gaming operator, combining a domestic leader with a multinational innovator for enhanced scale, growth, and digital leadership.
The combined entity will operate under the Allwyn brand, aiming for a unified, modern, and innovative consumer presence.
The deal enables broader product offerings, geographical diversification, and access to high-growth markets, including Brazil, the U.S., and Europe.
Shareholders gain exposure to a more diversified, resilient business with improved growth prospects and the ability to capitalize on global industry trends.
The merger leverages both companies' physical retail and digital capabilities, offering a platform for further organic and inorganic growth.
Financial terms and conditions
Allwyn will inject all gaming assets (excluding its OPAP S.A. stake) into OPAP S.A. in an all-share transaction, with OPAP public shareholders expected to own 21.5% of the combined company.
The minimum annual dividend is set at €1 per share, plus a €0.80 post-closing dividend, with potential for special distributions or buybacks and a scrip option.
Preference shares with a 5% coupon on €161 million will be issued, representing a minor cash outflow.
Target net leverage is around 2.5x, providing flexibility for value-accretive growth.
The transaction includes the hive-down of OPAP’s business, transfer of its seat to Luxembourg, and subsequent re-domiciliation to Switzerland.
Synergies and expected cost savings
Revenue synergies are anticipated from technology, content, and brand integration, though not explicitly included in guidance.
Cost benefits expected from economies of scale and supplier leverage, with no immediate headcount changes.
Double-digit accretive earnings and enhanced cash flow generation are expected in the first year post-completion.
Unified branding and in-house technology will drive operational efficiency and customer engagement.
Group-wide know-how and sponsorship strategies will be leveraged for further growth.
What is the Cash Exit Condition threshold?
Describe the preferred share fixed coupon.
Rationale for OPAP's brand change to Allwyn?
How does dual-class structure enable equity use for growth?
What unquantified synergies are expected from merger?
Outline the timeline for OPAP's tech stack transition.
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Next Organization of Football Prognostics S.A. earnings date
Q3 202526 Nov, 2025
Next Organization of Football Prognostics S.A. earnings date
Q3 202526 Nov, 2025
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Frequently asked questions
Organization of Football Prognostics S.A. (OPAP) is a gaming and lottery company engaged in the operation of betting, lottery, and online gaming services. The company offers a range of gaming products, including sports betting, numerical lotteries, scratch cards, and casino-style games. OPAP operates through a network of retail outlets and digital platforms, serving customers across Greece and Cyprus. The company is headquartered in Athens, Greece, and its shares are listed on the ATHEX.
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