Allwyn and Logflex no longer expect transaction to proceed
Allwyn International has confirmed its has been forced to pull the plug on its deal with Logflex to buy online sports betting and gaming group Novibet.
The two companies have jointly decided to withdraw their previously announced transaction from review by the Hellenic Competition Commission, in light of feedback received from the HCC.
Allwyn stated: “While Allwyn and Logflex MT Holding Limited set out carefully considered proposals to the HCC, Allwyn is committed to only pursuing transactions that would deliver clear value for shareholders. Allwyn and Logflex MT Holding Limited therefore no longer expect the previously announced transaction to proceed.”
The deal for Novibet would have cost €217m, plus up to €110m in potential future earnouts based on performance.
The lottery-first approach of focusing on affordable recreational play has earned Allwyn leading market positions with trusted brands across Europe in Austria, Czech Republic, Greece and Cyprus, Italy, the United Kingdom, and the United States (Illinois). Novibet is an established gaming technology company operating in Europe and Latin America (Greece, Brazil, Ireland, Italy, Mexico, Chile, Ecuador, Canada), with tech hubs in Europe (Greece & Malta) and 1,000+ employees across all countries of operation.
Allwyn is currently in the process of combining its business with that of Greek operator OPAP at a cost of €16bn as it looks to ‘build the world’s leading global gaming entertainment company.’
The post Allwyn withdraws from deal to buy Novibet following Hellenic Competition Commission feedback appeared first on G3 Newswire.
Allwyn and Logflex no longer expect transaction to proceed Allwyn International has confirmed its has been forced to pull the plug on its deal with Logflex to buy online sports betting and gaming group Novibet. The two companies have jointly decided to withdraw their previously announced transaction from review by the Hellenic Competition Commission, in light of feedback received from…
The post Allwyn withdraws from deal to buy Novibet following Hellenic Competition Commission feedback appeared first on G3 Newswire.