Major Gaming Acquisition
Bally's Intralot Acquires Struggling Evoke for £243.1M, Forms European Gaming Giant
Anonymous
Bally’s Intralot has agreed to buy UK gaming group Evoke plc in a recommended all-share takeover valued at about £243.1 million (around $327 million), ending a process that began after Evoke launched a strategic review in December amid concerns over higher UK gambling taxes and financial flexibility. Under the terms announced June 5, Evoke shareholders will receive 0.537 newly issued Intralot shares for each Evoke share, with an alternative cash option of 52 pence per share limited by an overall cap. The proposed price implies a significant premium to Evoke’s pre-talks trading levels, and both boards have approved the structure under Gibraltar corporate law, with shareholder and regulatory approvals required. Financing is arranged to fund the cash election and refinance parts of Evoke’s existing debt, reflecting that Evoke is heavily leveraged and has struggled with recent performance. If completed—expected in the first quarter of 2027—the combined group would become one of Europe’s largest lottery and online gaming operators, with major brands including William Hill and 888 and projected scaled revenue and profitability across six core markets. Evoke’s directors say the deal is the most attractive and deliverable outcome for shareholders, while Bally’s Intralot positions it as a step toward building a larger, more diversified global gaming platform.
Key Points
1
The offer represents a 77% premium versus Evoke’s weighted-average share price of 29.4 pence on April 17 (the last trading day before takeover-talks speculation).
2
While shareholders can choose cash at 52 pence per Evoke share, the total cash consideration is capped at £117.1 million (rather than being unlimited).
3
The financing plan includes (1) a bridge facility of up to €200 million from Deutsche Bank and Jefferies Finance to fund the cash election option and (2) a larger refinancing package led by TPG BD Finance, Oaktree Capital Management and OHA: a five-year, second-lien term facility worth up to the euro equivalent of £889 million intended to refinance portions of Evoke’s senior debt due in 2028.
4
Reporting on Evoke’s broader strain highlights the scale of leverage and recent performance: Net debt is cited at £1.86 billion, and FY25 losses at -£549.1 million; the article also notes uncertainty around CEO Per Widerström’s future amid leadership changes since Evoke’s acquisition of William Hill (described as the ‘1,300 iconic High Street betting shops’ era).
5
Evoke leadership publicly endorsed the deal with specific language: chairman Mark Summerfield said the terms are the “most attractive and deliverable outcome” for shareholders, adding the combination will provide “superior scale, exceptional brands, increased diversification and a platform for strong growth through enhanced capabilities.” Bally’s Intralot chairman Sokratis Kokkalis described it as “the beginning of a major new chapter,” aiming to create “a very strong global player in the gaming industry.”
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