LUCERNE, Switzerland and WILMINGTON, Del., Sept. 24, 2022 (GLOBE NEWSWIRE) — Allwyn AG (“Allwyn” or the “Company”), a leading multinational lottery operator, and Cohn Robbins Holdings Corp. CRHC (“CRHC” or “Cohn Robbins”), a special purpose acquisition company, announced today that they have mutually agreed not to proceed with their previously proposed business combination.

Allwyn, Europe’s largest lottery operator¹, received strong indications of support in recent meetings with investors, but the marketing period coincided with significant market volatility amid concerns about the outlook for inflation, interest rates and recession. Despite this, investors offered nearly $700 million in pledges to support the merger with Cohn Robbins.

After review, Allwyn and Cohn Robbins have jointly decided not to proceed with the transaction. Allwyn remains committed to joining the public markets in due course when conditions are more favorable and expanding its business into the US.

Robert Chvátal, Allwyn’s Group Chief Executive Officer, said: “Allwyn was encouraged by the feedback from many leading investors, demonstrating the appeal of our company to the investor community.

“However, due to continued and increasing market volatility, we and Cohn Robbins have decided not to proceed with the proposed business combination. We are grateful to founders Gary Cohn and Cliff Robbins for their support over the past year and look forward to working with them again in the future.

“As our recent results demonstrate, Allwyn is a strong cash-generating company with a strong financial and operational platform to continue its organic and inorganic growth strategy and to invest in new opportunities. This includes the National Lottery in the UK, where we plan to become an operator in 2024. We continue to strive for sustainable and profitable growth and continue to be excited about the many opportunities we are opening up in the lottery business in…