Bally’s Intralot agrees to acquire William Hill owner Evoke

Bally’s Intralot Agrees to Acquire Evoke in £243 Million Deal

Bally’s Intralot and Evoke, the operator of William Hill and 888, announced Friday that they have agreed on an all-share acquisition valuing the UK-based betting firm at approximately £243.1 million, or 52 pence per share.reuters

The deal, unanimously recommended by both boards, represents a 33.8% premium to Evoke’s closing price before the company acknowledged takeover discussions in April. Evoke shareholders will receive 0.537 new Intralot shares for each Evoke share held, with an option to elect a cash alternative capped at £117.1 million in total.gamingintelligence

Deal Structure and Financing

A consortium of private lenders led by TPG Credit, alongside Oaktree and OHA, has committed roughly £889 million to refinance Evoke’s existing debt and support the transaction, according to Reuters. Evoke has carried approximately £1.8 billion in net debt, a burden that prompted the company to launch a strategic review in December 2025.covers

If all Evoke shareholders elect to receive new Intralot shares rather than cash, they will collectively own approximately 11.5% of the enlarged group. Deutsche Bank and Jefferies are providing bridge financing for the deal.gamingintelligence

Strategic Rationale

Bally’s Intralot said the merger will unlock approximately £180 million in pre-tax cost and capital expenditure savings within two years of completion, primarily through marketing optimization, operational efficiencies, and IT infrastructure consolidation.gamingintelligence

“The combination will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth,” said Evoke chairman Mark Summerfield.gamingintelligence

Bally’s chairman Soo Kim called the deal an opportunity to create “a leading, diversified European gaming champion,” citing the combination of Evoke’s heritage brands with Intralot’s technology and data capabilities.gamingintelligence

Path to Completion

The transaction will be implemented through a court-approved scheme of arrangement under the Gibraltar Companies Act and is expected to close in Q4 2026 or Q1 2027, subject to shareholder and regulatory approvals. The Shaked family, Evoke’s founders, have provided an irrevocable undertaking in support of the deal and intend to remain minority shareholders in the combined group.reuters