Allwyn International has decided to withdraw its bid to acquire Novibet, following feedback from the Hellenic Competition Commission (HCC). On Wednesday, the company noted that it and Logflex MT Holding Limited, Novibet's owner, had presented detailed proposals to the HCC, but they no longer anticipated the transaction moving forward. This decision was made after considering the feedback from the HCC as Allwyn emphasized its commitment to pursuing transactions that provide value to shareholders. After a lengthy review process regarding the competitive impacts of the transaction, it became clear that proposed remedies would not sustain the deal's value, leading Allwyn and Logflex to jointly withdraw the deal from review.
Novibet responded on Thursday, confirming that the decision to withdraw was mutually agreed upon, aimed at "creating and safeguarding the maximum possible value" for shareholders and investors. The company expressed confidence in its growth trajectory, predicting it would exceed market growth across all its current locations. Novibet stated, "The company continues to execute its strategic and investment plan with consistency, leveraging cutting-edge technology and its privately owned platform as key competitive advantages. Guided by innovation and technological excellence, Novibet is accelerating its international expansion and further solidifying its position as one of the most dynamic GameTech organizations with a strong global outlook."
This withdrawal follows Allwyn's announcement on December 30, 2024, regarding its intent to acquire a 51% stake in Logflex MT Holding Limited, Novibet's parent company. The original deal included an upfront payment of €217 million ($252.5 million) and potential future earnings of €110 million based on Novibet's performance. The acquisition was projected to close in the second half of 2025, with Allwyn CEO Robert Chvatal highlighting its potential to enhance customer experience in online sports betting and gaming. However, as it stands, this deal is now off the table, more than a year after it was first announced. Any future agreements would likely differ significantly from the previous terms.
