Allwyn International has officially pulled out of its acquisition of Novibet following feedback received from the Hellenic Competition Commission (HCC). On Wednesday, Allwyn announced that although both it and Logflex MT Holding Limited, the owner of Novibet, had submitted “carefully considered proposals” to the HCC, the companies no longer expected the transaction to proceed. This decision was made “in light of feedback received from the HCC,” with Allwyn reaffirming its commitment to pursuing only those transactions that create genuine value for shareholders. Allwyn Novibet Deal
According to iGB’s understanding, after an extensive review by the HCC concerning the competitive effects of the deal, the numerous remedies considered would have failed to maintain the transaction’s value. As a result, Allwyn and Logflex jointly decided to withdraw the deal from regulatory review.
H2 Gambling Capital estimates that Novibet holds approximately 19%-20% of the Greek licensed online sports betting market, making it the second-largest operator in the country. On Thursday, Novibet issued a response confirming that the decision to withdraw was a joint one, aimed at “creating and safeguarding the maximum possible value” for shareholders and investors. The company emphasized its ongoing growth momentum, stating that Novibet is expected to outperform market growth across all its current territories.
“Novibet continues to execute its strategic and investment plan with consistency, leveraging cutting-edge technology and its privately owned platform as key competitive advantages,” the statement read. “Guided by innovation and technological excellence, the company is accelerating its international expansion and further strengthening its position as one of the most dynamic GameTech organizations with a strong global outlook.”
The background of the deal dates back to 30 December 2024, when Allwyn announced an agreement to acquire a 51% stake in Logflex MT Holding Limited, the parent company of Novibet. The deal included an initial cash payment of €217 million ($252.5 million), with an additional €110 million in potential future earnouts contingent on Novibet’s performance. It was expected to close in the second half of 2025, with Allwyn CEO Robert Chvatal stating that the acquisition would bolster the company’s momentum.
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“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,” Chvatal said at the time. “Novibet has a world-class team and we look forward to capitalising on the international opportunities ahead.” However, as of now, the deal appears to be off, 15 months after it was initially announced. iGB understands that any future deal would likely be significantly different from the previous agreement.
