Core Insights - The proposed combination of OPAP and Allwyn aims to create a stronger, more resilient, and innovative business in the gaming industry [3][4] - The transaction has been unanimously recommended by OPAP's Board of Directors, highlighting the strategic alignment of both companies [4] Company Overview - OPAP is the leading lottery, sports betting, and iGaming company in Greece [5] - Allwyn is characterized as a multinational innovator in the gaming sector, complementing OPAP's domestic strength [4] Strategic Rationale - The merger is positioned as a pivotal moment for both companies, aiming to reshape the future of the gaming industry [3] - The combination is expected to establish a global lottery and gaming champion by leveraging the strengths of both companies [4]

Transaction Overview - OPAP public shareholders are expected to have a 215% economic ownership in the combined company[36] - The transaction is conditional on the shareholders who validly exercise the exit right not representing more than 5% of OPAP's total paid-up share capital[36] - A €080 dividend is payable shortly after completion of the transaction, in lieu of the remaining dividend for the financial year 2025[36] Allwyn's Financial Performance - Allwyn has a €19 billion pro forma Adjusted EBITDA with a 37% pro forma Adjusted EBITDA margin[55] - Allwyn's pro forma online NGR is 55%[55] - Allwyn's Net Revenue, Adjusted EBITDA and Adjusted EBITDA – Capex have all more than doubled since 2019[64] Growth and Diversification - The combined company is projected to have a double-digit EBITDA CAGR from 2024 to 2026[105] - The combined company will have increased strategic optionality and diversified risk, with geographic revenue splits including 28% from Greece and Cyprus, 15% from Austria, 13% from the United Kingdom, 13% from the Czech Republic, 6% from Italy, 4% from the United States, and product revenue splits including 39% from Lottery, 19% from Sports Betting, 18% from iGaming, 10% from VLTs and Casinos, and 14% from DFS[115] Financial Guidance - The financial guidance includes the acquisition of 510% of Novibet in early 2026 and ~623% of PrizePicks in H1-26, for which closing is subject to regulatory and antitrust approvals[128] - The company projects a medium-term Adjusted EBITDA margin of slightly higher than 40%[130]

Core Viewpoint - Intralot S.A. has successfully acquired Bally's International Interactive, valuing the business at an enterprise value of €2.7 billion, which enhances Bally's liquidity and integrates it with Intralot's global operations [1]. Group 1: Acquisition Details - The acquisition of Bally's International Interactive by Intralot S.A. has been completed [1]. - The transaction values Bally's International Interactive at €2.7 billion [1]. - This acquisition is expected to unlock significant liquidity for Bally's Corporation [1]. Group 2: Strategic Implications - The integration of Bally's International Interactive with Intralot's global lottery and gaming operations positions Bally's for enhanced operational capabilities [1].