Shareholders of Greek Gaming Giant OPAP Set for Major Payouts

OPAP's restructuring is complete, triggering a €456M cash exit, a special dividend, and a guaranteed €1.00 annual dividend. The lottery concession is extended for 12 years.

The corporate restructuring of Greece's OPAP, now formally integrated into the Allwyn Group, has reached completion. This milestone shifts the focus squarely to capital returns, initiating a significant distribution phase for the company's investors.

Guaranteed Dividends and a One-Time Cash Offer

A cornerstone of the merger agreement was the provision for existing investors to exit their positions. Approximately 6.7% of the outstanding shares were tendered at a fixed price of €19.04 per share. This cash settlement, totaling €456 million, is scheduled for payment within one month. Shareholders who remain invested will benefit from a special one-time dividend of €0.80 per share, with an ex-dividend date set before June 19, 2026. Furthermore, starting with the current fiscal year, a contractually guaranteed minimum annual dividend of €1.00 per share will be implemented.

Strategic Foundation and Shareholder Structure

The newly formed entity operates from a position of strength, backed by long-term revenue visibility. Its lucrative concession to operate Greece's state lotteries has been extended for an additional twelve years starting May 2026. To secure this extension, the company made an upfront payment of €80 million to the state, supplemented by a percentage-based levy on gross gaming revenue. On the ownership side, following a share exchange, the KKCG Group now indirectly controls 78.4% of the exclusively issued common shares. The remaining 21.6% constitutes the free float.

The guaranteed exit price of €19.04 per share presents a stark contrast to the current market valuation. On Tuesday, the stock closed at just €14.64, trading only marginally above its recent 52-week low. Since the start of the year, the share price has declined by more than 22%. Management has outlined plans for an additional international stock exchange listing, aimed at facilitating access to global capital markets and broadening the company's investor base.