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Allwyn ditches SPAC plans amid growing market volatility

26th September 2022 10:21 am GMT

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 [...]

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