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Allwyn International has entered into a ‘definitive agreement’ to acquire a 51% stake in Novibet, a strategic investment aimed at expanding its iGaming presence and capabilities across multiple markets in Europe and South America.
Announced this morning (30 December), Allwyn has proposed a €217m cash consideration, combined with €110m in future performance earnouts put to the investors of Logflex MT Holdings to acquire its majority stake in Novibet.
The investment will enhance Allwyn’s technology and operational resources for online gambling, with Novibet employing 1,000 staff across hubs in Malta, Greece, and Brazil, and maintaining a market presence in Brazil, Cyprus, Greece, Ireland, and Mexico.
Dealmakers stated: “Allwyn’s acquisition of Novibet enhances the group’s technological capabilities, as well as strengthening its position in the online sports betting and gaming markets, in line with Allwyn’s strategy of making selective acquisitions in relevant products, technologies, and content to support its growth.”
The deal concludes a transformative 2024 for Allwyn, during which its UK subsidiary became the operating steward of the National Lottery contract in February, succeeding Camelot UK.
Further directives in 2024 saw Allwyn expand its gaming resources and IP for global lotteries by acquiring a 70% stake in Instant Win Gaming (IWG), the leading online games developer for North American lotteries.
Confirming Allwyn’s M&A intent, Group CEO Robert Chvatal said: “Novibet has demonstrated its ability to expand across multiple markets and innovate, which will strengthen our momentum and enhance our offer to players.
“The innovation potential of this transaction is substantial as we look to provide our customers with the very best experience in online sports betting and gaming. Novibet has a world-class team, and we look forward to capitalising on the international opportunities ahead.”
As announced to the market, Novibet will continue to be led by its “founding management team,” who will remain in charge of operating the business following the completion of the transaction. Novibet will continue to operate as a separate entity under its existing brand and management team.
Since 2022, the board of Novibet has revised strategic options to enhance the firm’s capital liquidity and growth plans, which previously included a $700m IPO via a SPAC merger with Artemis Investment Corporation – a deal abandoned in 2023 as Novibet chose to maintain its independent status.
Founded in 2010, Novibet is recognised as Greece’s second-largest online gambling group and has expanded its presence in the regulated markets of Italy, Malta, and Ireland. Management sees further growth opportunities in Romania, Hungary, France, and Spain.
George Athanasopoulos, CEO of Novibet, added: “Joining Allwyn marks the start of an exciting new chapter for Novibet. Allwyn’s dedication to growth opportunities was a key factor in our decision, and we look forward to combining their extensive resources and expertise with our leading technology and operational experience.
“This partnership will accelerate our ability to develop proprietary solutions, expand our product offering, and extend our success to a much larger international audience at a faster pace. We also want to recognise the passion and dedication of the entire Novibet team, whose unwavering commitment to our long-term vision has been integral to reaching this milestone. With their continued support, we remain committed to delivering exceptional value for both our customers and our shareholders.”
