National Lottery group Allwyn Entertainment cancels plans to list in New York, which would have netted billionaire owner an estimated £690 million

National Lottery group Allwyn Entertainment has canceled plans for a New York stock exchange, which would have brought the billionaire owner an estimated £690 million.Karel Komarek’s group planned to enter the stock market through a £7.4bn merger with a special purpose acquisition company.

Called off: Karel Komarek’s group planned to join the stock exchange through a £7.4bn merger with a special purpose acquisition company

But Allwyn, who will replace Camelot as the UK’s National Lottery in 2024, cited “significant market volatility” and “concerns over the outlook for inflation, interest rates and recession.”

The suspended list follows a delay in May, when Allwyn said the move was set to complete the move in the third quarter of this year.

Komarek is valued at £6.5 billion and owns luxury properties around the world, including a stately home near Prague and an eight-bedroom property in the Swiss ski resort of Verbier.

Allwyn said it remains “excited about the many opportunities we see in the lottery industry in continental Europe, the UK, the United States and elsewhere”.

https://nybreaking.com/national-lottery-group-allwyn-calls-off-plans-to-list-in-new-york/