Allwyn International AG and OPAP S.A. on Monday announced that their boards of directors have approved a merger through an all-share transaction valued at €16 billion, creating the world’s second largest listed lottery and gaming operator.
The combined company, which will be renamed Allwyn, will remain listed on the main market of the Athens Stock Exchange and is expected to become one of the largest companies by market capitalisation.
Allwyn also intends to pursue an additional listing on another leading international exchange, such as London or New York, following the closing of the transaction.
The move represents “a major milestone in the evolution of both companies”, the announcement mentioned.
It will bring together two leading gaming operators with strong market positions across Europe, the United States and other international markets.
Cyprus’ property market is calmer this year, with foreign demand still providing momentum even as higher borrowing costs, rising construction prices and new environmental realities begin to reshape investment decisions.
According to data from the Department of Lands and Surveys, property sales rose by 13 per cent in the first eight months of 2025, reaching 11,689 transactions compared with 10,345 a year earlier.
Limassol led activity with 3,720 sales, also up 13 per cent, confirming that demand remains resilient despite slower price growth.
Even so, the House Price Index rose by just one per cent in the second quarter, a sharp contrast with the double-digit gains recorded during the post-pandemic surge.
The European workplace is set for a major change next summer as new EU rules on pay transparency come into force, requiring companies to reveal salary details in job adverts and ban questions about candidates’ pay history.
Under the directive, adopted in 2023 and due to be transposed into national law by June 7, 2026, employers will have to inform job applicants about the starting salary or pay range before interviews take place and share any relevant details from collective agreements.
At the same time, employees will gain the right to request information on average pay levels for colleagues performing similar work, according to the Council of the European Union.
This right applies to both individual employees and their representatives, ensuring greater accountability within companies of all sizes.
The aim is to tackle pay discrimination and close the gender pay gap across the bloc.
Cypriot telecoms provider Cyta retained its lead in the mobile telephony market during the first half of 2025, according to figures from the Office of the Commissioner for Electronic Communications and Postal Services Regulation (OCECPR).
Cyta held a 51 per cent share of total mobile connections at the end of June, marginally down from 51.1 per cent in December 2024 but higher than 49.9 per cent a year earlier.
Rival operator Epic followed with 27.3 per cent, easing from 27.7 per cent at the end of last year, while Primetel rose to 11.2 per cent and Cablenet edged up to 10.6 per cent.
Among contract subscribers, Cyta remained firmly ahead with 52.5 per cent, almost unchanged from December’s level.
Epic accounted for 28 per cent, Cablenet increased to 11 per cent, and Primetel held steady at 8.5 per cent. In the segment offering unlimited data, voice and SMS, Cyta led with 42.9 per cent, followed by Epic at 32.9 per cent, Cablenet at 13.8 per cent, and Primetel at 10.4 per cent.
The Bank of Cyprus on Monday announced the launch of the IBU India Hub, a new strategic initiative designed to enhance its service offering and specialisation for businesses and individuals connected to India.
“This is an important step towards strengthening our international presence and leveraging new opportunities,” the bank stated.
“IBU India Hub is a dedicated service unit designed to meet the needs of Indian businesses and professionals establishing their presence in Cyprus,” it added.
The India Hub will focus on providing specialised support to customers related to India and on promoting Cyprus as an attractive destination for Indian entrepreneurs and high-net-worth individuals.
Fairfax Financial Holdings has signed a term sheet with Eurobank Ergasias Services and Holdings for the sale of its 80 per cent stake in Eurolife FFH’s life insurance operations for €813 million.
Following completion of the deal, Eurolife’s life insurance business will become wholly-owned by Eurobank.
Fairfax will retain its 80 per cent stake in Eurolife’s property and casualty insurance operations, maintaining a significant presence in the non-life insurance sector.
As part of the agreement, Fairfax has also agreed to acquire a 45 per cent stake in Eurobank’s Cyprus-based insurer ERB Asfalistiki for €59 million, with rights to acquire the remaining 55 per cent over time.
The size of the transaction is described as very substantial, and its impact on Eurobank is considered highly significant.
23-year-old George Chrysostomides, founder of Shrine Solutions Ltd (shrine.io), has announced that he will donate the entire €100,000 awarded to him by Sir Stelios Haji-Ioannou to support young entrepreneurs and families in need.
Chrysostomides won first place at the 2025 Stelios Awards for Young Entrepreneurs, entitling him to half of the €200,000 prize pool, with the other two winners taking home €60,000 and €40,000 respectively.
“Success has value only when it is shared,” Chrysostomides said.
“I hope this act will inspire others to see entrepreneurship not only as a means of personal advancement, but as a force for social contribution,” he added.
Low-cost carrier Wizz Air on Monday announced that it has partnered with Telethon Cyprus as the official airline for the charity trip “On the Wings of Hope”, which will take participants to London this year.
The four-day trip is scheduled from November 28 to December 1, 2025, combining a seasonal experience in London with fundraising for the Cyprus Institute of Neurology & Genetics and the Cyprus Muscular Dystrophy Association.
The travel package is priced at €630 per person and includes Wizz Air flight tickets with taxes, a 20kg checked baggage allowance, a personal backpack, accommodation for three nights at a centrally located 4-star hotel in a double room, and transfers to and from London airports.
