Allwyn pulls out of Cohn Robbins merger

Allwyn, the new operator of the UK’s National Lottery, has announced that it is no longer planning to merge with US acquisition company Cohn Robbins Holdings Corporation.

Although there was apparently plenty of support from investors, “significant market volatility” combined with potential inflation and a recession has prompted the companies involved to back off. This was despite investors offering commitment of nearly $700m to support the merger.

The two companies jointly decided not to proceed, however, but Allwyn said in a statement that it would join public markets eventually, when conditions are more favourable.

Allwyn CEO Robert Chvátal (pictured), said: “As demonstrated by our recent results, Allwyn is a highly cash generative business with a strong financial and operational platform to pursue its organic and inorganic growth strategy and to invest in new opportunities.

“These include the National Lottery in the UK, where we are set to become the operator in 2024. We continue to pursue sustainable and profitable growth in the many opportunities we see in the lottery business in continental Europe, the UK, the US and elsewhere.”