evoke has agreed to a £243m ($309m) takeover deal from Bally’s Intralot, a transaction that could significantly reshape the structure of the UK gambling market.
After extended discussions, the boards of both companies have reached agreement on the terms of a recommended all-share acquisition by Bally’s Intralot of the entire issued ordinary share capital of the operator behind William Hill, 888 and Mr Green.
Robeson Reeves, Chief Executive Officer of Bally’s Intralot, said the group aims to strengthen its position and expand its presence across six key markets: the United Kingdom, Ireland, Spain, Denmark, Romania and Italy.
He also noted that the group is well positioned to capture growth opportunities in the UK, with market consolidation playing a key role in the deal as it increases its share in a rapidly evolving industry landscape.
Deal progress
Bally’s Intralot had previously planned to acquire evoke at 50 pence ($0.64) per share, with the initial announcement made in late April.
The offer period was later extended from the original deadline of 18 May 2026 to 8 June 2026 in order to confirm the company’s next steps regarding the acquisition.
The company has now confirmed its intention to proceed with the deal on slightly revised terms, while evoke’s board has already recommended that shareholders accept the offer.
Under the terms of the transaction, evoke shareholders will receive 0.537 new Intralot shares for each evoke share, valuing the company at 52 pence ($0.66) per share based on Intralot’s share price of €1.12 ($1.22).
This implies a total equity value of approximately £243.1m ($309.0m) and an enterprise value of around £2.2bn ($2.79bn).
The deal also implies a premium of approximately:
- 138% to evoke’s share price of 21.9 pence ($0.28) at the close on 9 December 2025 (the last trading day before evoke announced its strategic review).
- 77% to evoke’s volume-weighted average share price of 29.4 pence ($0.37) over the three months to 17 April 2026 (the last trading day before evoke responded to media speculation regarding a potential takeover).
Bally’s Intralot also plans to seek approval for the listing of new Intralot shares on the Main Market of Euronext Athens, alongside existing shares under the ticker BYLOT.
Since December last year, evoke has been conducting a strategic review of its operations aimed at maximising shareholder value, including options such as a potential sale of the group or parts of its assets and business units.
The transaction will be submitted for approval by evoke shareholders at a Court Meeting and General Meeting, and is expected to complete in Q4 2026 or Q1 2027, subject to the satisfaction or waiver of customary conditions.
Soo Kim, Chair at Bally’s Corporation, commented: “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, Chair of evoke, 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.”
“New chapter”
Bally’s Intralot believes that the transaction has a strong strategic and financial rationale for the shareholders of both companies and is expected to deliver the following benefits:
- Create a global gaming and lottery champion with scaled pan-European B2C, adding significant reach across locally regulated markets.
- Leading position in the UK with sports offering strengthened through the addition of evoke’s flagship brands.
- Combining evoke’s iconic brands with Intralot’s leading data technology to optimise player journeys.
- Transaction unlocks highly executable synergy upside to drive value creation and significant earnings accretion in the near-term.
- Enhanced financial profile through increased scale and product diversification.
Sokratis Kokkalis, Chair at Bally’s Intralot, stated: “Today marks the beginning of a major new chapter for our company with the submission of a binding offer for the acquisition of evoke, aimed at creating a very strong global player in the gaming industry.
“This move demonstrates the new momentum our company has gained, justifying the trust shown to us by the investment community.”
Avi Shaked, on behalf of the Shaked family, said: “When I founded evoke 30 years ago, I envisioned building a company that would stand among the world’s leading gaming businesses – a global platform with exceptional people, iconic brands, and a reputation for excellence across every market in which it operates.
“The transaction we are announcing today represents a significant milestone on that journey. The Shaked family has provided an irrevocable undertaking in support of this transformational combination.
“As committed minority shareholders in the combined group, we look forward to remaining part of this business for many years to come and participating in the next chapter of growth, innovation, and value creation alongside our fellow shareholders.”
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