Bally’s Intralot and evoke have finally agreed an all-share acquisition which values the William Hill, 888 and Mr Green parent at £243m.
The acquisition, which Bally’s Intralot said would transform the combined group into the number two igaming and number four sports betting operator in the UK, was announced on Friday, 5 June.
The deal puts evoke’s enterprise value at £2.2bn, which includes the debt pile the operator has been laden with since the leveraged purchase of William Hill’s non-US assets in 2022.
The deal is 52p per share, a slight increase on the original 50p per share Bally’s Intralot tabled earlier this year.
The duo have revealed that the Athens-listed business originally submitted a 32p-per-share offer in January, which was rejected by evoke’s board.
Initial negotiations were given a deadline of 18 May, before being pushed back to 8 June, with evoke’s debt mountain proving to be a sticking point.
However, all issues have been resolved and evoke shareholders are set to receive 0.537 new Intralot shares as part of the transaction.
Those shareholders not wishing to receive stock are entitled to a cash payment of 52p-per-share. Bally’s Intralot said there was a £117.1m cap for these payments.
The cash alternative will be funded by a bridge facility agreement between Intralot and Deutsche Bank and Jefferies Finance.
Management said it had already identified around £180m in pre-tax cost and capital expenditure savings, which will be realised by the end of the second year post-close.
“Synergies are expected to be realised primarily from the consolidation and optimisation of activities in three core areas, marketing spend optimisation, operational efficiencies and IT infrastructure,” Bally’s Intralot said.
The combined business would have had reported pro forma full-year 2025 revenue of €3.2bn and pro forma adjusted EBITDA of €856m.
The evoke board has backed the bid and will unanimously recommend shareholders to approve the deal.
The founders of 888, the Shaked family, have also given their backing, which is significant given they own almost a fifth of evoke’s stock.
Artemis Investment Management, a 9.91% shareholder, is also on board.
In turn, Bally’s Intralot said it had already received around 29.07% of shareholder support for the transaction.
The deal comes against the backdrop of UK tax hikes, which saw remote gaming duty leap from 21% to 40% on 1 April. General betting duty is due to climb from 15% to 25% next April.
Bally’s Intralot was formed last year when Greek lottery giant Intralot snapped up Bally’s International Interactive for €2.7bn.
The entity is still majority owned by Bally’s Corporation, the Rhode Island-based casino and online gaming giant.
Evoke, formerly known as 888, snapped up William Hill’s non-US assets from Caesars Entertainment in 2022 in a $1.95bn deal.
The acquistion is expected to close in Q1 2027, subject to standard closing and regulatory conditions.
Soo Kim, Bally’s chair, said: “We are excited about the opportunity to bring Intralot and evoke together to create a leading, diversified European gaming champion with greater scale, resilience and operational capability.
“Underpinned by the combination of evoke’s iconic brands of incredible heritage, such as William Hill and 888, with Intralot’s best-in-class technology and data capabilities, highly executable synergies and the ability to invest our substantial free cash flow in growth markets – we are confident that the enlarged group will not just be stronger than before, but stronger than ever.
“Intralot has a proven track-record of creating shareholder value through successful integration of acquired businesses whilst preserving their distinct strengths. We are confident that this transaction will deliver substantial benefits for both Intralot and evoke shareholders.”
Mark Summerfield, evoke chair, added: “Following the announcement of the strategic review in December 2025, we have been resolutely focused on how best to maximise value for our shareholders in light of the significant UK duty changes and the constraints posed by the evoke group’s existing capital structure.
“Having considered a range of options I am delighted to announce the acquisition by Intralot and believe the agreed terms represent the most attractive and deliverable outcome for evoke shareholders.
“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 through enhanced capabilities.
“I’m confident Intralot will be a strong and supportive owner of the business, and together with the more sustainable capital structure, the combination offers the best route to deliver long-term value for our shareholders and broader stakeholders.”
Evoke shares are up 14% in early trading in London to 46p.
The post Bally’s Intralot to acquire evoke in £243m all-share transaction first appeared on EGR Intel.
Athens-listed operator announces deal to snap up William Hill and 888 parent after six months of negotiations, with partial cash payout also available for shareholders
The post Bally’s Intralot to acquire evoke in £243m all-share transaction first appeared on EGR Intel.