Allwyn International has finalised an agreement to acquire a 51% stake in Novibet, strengthening its igaming footprint in Europe and South America.
Announced this morning (30 December), Allwyn has proposed a €217m cash payment, plus €110m in potential performance-based earnouts, to the investors of Logflex MT Holdings in exchange for a majority stake in Novibet
According to Allwyn, the investment will enhance its 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.”
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.”
Following the deal, Novibet will remain under the leadership of its founding management team, which will continue to oversee operations after the transaction is completed. The company will continue to operate independently, maintaining its current brand and management structure.
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.
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.”
