Allwyn International AG has confirmed that its proposed acquisition of online sports betting and gaming operator Novibet will not proceed following discussions with Greece’s competition regulator.
The lottery operator said it and Logflex MT Holding, the owner of Novibet, have jointly withdrawn the transaction from review by the Hellenic Competition Commission (HCC).
Allwyn stated that both parties had submitted proposals during the regulatory review process but ultimately decided not to continue pursuing approval.
The operator said it remains focused on transactions that deliver clear value for shareholders.
The proposed acquisition had been under examination by the HCC as part of Greece’s merger control process. Following feedback from the regulator, the parties decided to withdraw the filing and discontinue the deal.
Global Gaming Insider understands that potential remedies raised during the regulatory discussions would have materially altered the structure of the transaction. According to sources familiar with the situation, the measures under consideration would have significantly affected the economic viability of the acquisition.
Industry sources also noted that the transaction had originally been announced in December 2024, during a period when Allwyn’s strategic priorities were different from those of today.
Since that time, the operator’s position and broader strategy have evolved, reducing the strategic necessity of completing the deal under the conditions proposed during the regulatory review.
As a result, the acquisition was no longer viewed internally as essential under all circumstances. The proposed remedies requested during the process were understood to move the transaction into territory where it would no longer meet Allwyn’s financial thresholds.
Both parties therefore withdrew the transaction from regulatory review and confirmed they no longer expect the acquisition to proceed.
Allwyn did not provide additional details on the specific remedies discussed with the HCC.
Earlier this year, Allwyn expanded its international portfolio through the completion of a majority acquisition of US daily fantasy sports operator PrizePicks for $1.53bn.
The transaction gave the lottery operator a 62.3% stake in the DFS platform as part of its strategy to broaden its digital entertainment presence in the United States.
Since the deal closed, PrizePicks has launched new prediction market products across multiple US states following regulatory approvals.
Novibet operates online sports betting and gaming services across several regulated markets in Europe and Latin America
