Multi-national lottery operator Allwyn will not proceed with its previously proposed business combination with special purpose acquisition company Cohn Robbins Holdings Corp (CRHC).
Despite seeing investors offer commitments of almost $700m to support the combination with Cohn Robbins, Allwyn and CRHC have mutually agreed not to proceed with the transaction due to "significant market volatility" and a backdrop of rising inflation, interest rates and fears of recession.
The transaction had valued Allwyn at an enterprise value of [...]
