A deal that had been months in the making has been finalized by Allwyn, the interest of Czech billionaire Κarel Komarek (photo). The group announced that it has agreed to acquire a 51% stake in Logflex MT Holding Limited, owner of online sports betting and gaming provider Novibet. The estimated initial consideration is €217 million in cash (subject to customary closing adjustments).

Novibet, which has developed proprietary technologies, employs more than 1,000 people in its operational centers in Malta, Greece and Brazil and has a presence in the markets of Brazil, Cyprus, Greece, Ireland and Mexico, among others.

Novibet’s dynamic customer proposition is supported by its focus on leading product innovation, data-driven product offerings, speed and scalability of its infrastructure, local content and responsible gaming.

The acquisition of Novibet by Allwyn, the parent company of OPAP, subject to customary regulatory and antitrust approvals, enhances the group’s technological capabilities, as well as its potential in the online sports betting and online gaming markets. At the same time, it comes as a continuation of Allwyn’s strategy of selective acquisitions in related product, technology and content sectors to support its growth. Building on this strategy, earlier in the year, Allwyn acquired a majority stake in Instant Win Gaming, a leading global provider of eInstants for lotteries.