Companies in common declaration announced that it had agreed not to proceed with the merger. Allwyn CEO Robert Chvátal cited “continuing and increasing market volatility” as the main reason for this decision.
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The lottery company said it is still interested in entering the US stock market. It will be implemented when market conditions are more favorable. The company says it has received a positive response from a number of major investors to its listing on the New York Stock Exchange, which it believes demonstrates “the attractiveness of our business to the investment community.”
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CRHC is a so-called SPAC, which is a company specializing in acquisitions. However, according to Reuters, the popularity of SPACs among investors has declined over the past year due to tighter regulations, rising interest rates and falling stock prices.
The Komárka lottery company will be listed on the New York Stock Exchange
Economic
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CRHC bosses Gary Cohn and Clifton Robbins said the merger with Allwyn was announced in January, but market sentiment has soured since then. The combined value of the companies after the merger, which was approved by the shareholders of the American company in early September, was expected to amount to $ 9.3 billion (236 billion crowns), according to the January estimate.
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Allwyn operates lotteries in the Czech Republic, Italy, Austria, Greece and Cyprus. In September, the company officially became the operator of the British National Lottery, one of the largest in the world. It will have a license to operate the lottery for ten years starting February 2024.
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Komárek is one of the richest Czech businessmen, Forbes magazine estimated the value of his assets at $ 7.7 billion (nearly CZK 189 billion). His company KKCG primarily focuses on the entertainment business, but also oil and gas, information technology and reality. The group develops commercial activities in 36 countries. It holds stakes in Allwyn, Aricoma Group, MND Group, KKCG Real Estate Group, Springtide Ventures and others, among others.
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