Allwyn has entered into an agreement to acquire a 51% stake in Logflex MT Holding Limited, the parent company of Novibet.
The lucrative deal holds an estimated initial cash consideration of €217m, representing a major boost to the footprint of the multi-national lottery operator.
Robert Chvatal, CEO of Allwyn, commented: “Novibet has demonstrated expansion across multiple markets, and an ability to innovate, which will strengthen our momentum and enhance our offer to players.
“The innovation potential of this transaction is substantial as we look to give our customers access to 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 a result of the deal, Allwyn acquired Novibet’s technology stack – which has over 1,000 employees across hubs in Malta, Greece and Brazil – in addition to strengthening its capabilities in online sports betting and gaming markets.
Novibet’s management team will remain in charge of its operations once the transaction has been completed. Novibet will continue to operate as a separate business under its existing brand.
“Joining Allwyn marks the start of an exciting new chapter for Novibet,” added George Athanasopoulos, CEO of 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.”
