Allwyn AG has completed its legal relocation from Luxembourg to Switzerland, finalising the cross-border conversion process that followed the company’s merger with Greek gaming operator OPAP.
Resolutions approved at first post-merger general meetings
The registered office transfer was put to shareholders at Allwyn’s first Ordinary General Meeting (OGM) and Extraordinary General Meeting (EGM) since the merger closed. Both meetings adopted all resolutions on the table.
Formal completion of the conversion was recorded on 12 May 2026. In a statement following the vote, Allwyn described the transfer as:
“the final step in the implementation of the previously announced business combination transaction with OPAP.”
The relocation ends a structural inconsistency that had persisted for years. Allwyn established its operational headquarters in Lucerne in 2020, but legal registration remained in Luxembourg. That structure held through the group’s rebrand from Sazka to Allwyn and through the early phases of the OPAP transaction. With the conversion complete, the company’s operational and legal positions are aligned for the first time.
The corporate name, Allwyn AG, is unchanged. OPAP’s listing on Euronext Athens, through which the merged entity trades publicly, also remains in place.
A merger built on a decade of ties
The Allwyn–OPAP combination was first announced in October 2025 and completed in March 2026. It brought together one of Central Europe’s largest lottery operators with Greece’s principal listed gaming company, forming a combined entity the parties described as one of the world’s largest listed gaming entertainment companies by market capitalisation.
The deal extended a commercial relationship that goes back to 2013, when KKCG, Allwyn’s controlling shareholder, made its first investment in OPAP. The stake grew over the following decade. By the time the merger was formally announced, KKCG already held 51.78% of the Greek operator. The full combination formalised a majority ownership position rather than introducing a new strategic direction.
For Allwyn, the transaction delivered what the group had been working toward for years: a public listing. The company’s Czech origins and its evolution under the Sazka-to-Allwyn rebrand had not produced a listed vehicle. The OPAP route provided access to Euronext Athens without a conventional IPO, a route the company evidently preferred given how explicitly a public listing had featured in its strategic objectives.
The Swiss domicile was the natural outcome. Lucerne has served as the group’s executive base since 2020, and the cross-border conversion brings the legal structure into line with that operational reality. The company is now incorporated and operationally headquartered in the same jurisdiction.
Allwyn’s M&A activity ahead of the public listing extended well beyond Europe. The group’s $2.5bn majority stake acquisition of US daily fantasy sports operator PrizePicks was completed before the OPAP merger closed, indicating that international capital deployment had already begun before the listing was formalised. The Allwyn-OPAP deal itself sits among the larger consolidation transactions reshaping European gaming.
Allwyn International Acquires Majority Stake in PrizePicks for $2.5 Billion
Share price
The merged entity’s early trading record on Euronext Athens has been difficult. The stock has fallen 33% year to date since Q4 2025, when shares in the combined company began trading.
Early signs of stabilisation are visible. The stock gained 6% in the five trading days before the Swiss legal conversion was confirmed. Whether that represents a sustained shift or a temporary recovery remains to be seen.
How the market prices the combined group over the coming quarters will depend on whether the operational logic of the merger translates into financial results. Allwyn now has the public platform and the aligned legal structure it sought. Performance will determine what happens to the valuation from here.
Source: Allwyn AG
