Evoke agrees £243m takeover by Bally’s Intralot
June 5, 2026 at 09:10 UTC
Key Points
- Evoke has agreed to a recommended all-share takeover by Bally’s Intralot valuing the group at about £243.1 million.
- The offer price is set at 52 pence per Evoke share and has unanimous backing from Evoke’s board.
- Evoke shares rose as much as 14% in early trade to 45.8 pence after the deal announcement.
- Private lenders have committed about £889 million to refinance Evoke’s debt, with a partial cash alternative capped at about £117 million.
Evoke backs £243.1 million takeover offer
Evoke, the London-listed owner of the William Hill and 888 brands, has agreed to be acquired by Greek lottery and gaming company Bally’s Intralot in a recommended all-share transaction. The deal values Evoke at about £243.1 million, or roughly $326 million, according to details reported on June 5, 2026.
Under the terms of the agreement, Bally’s Intralot will offer 52 pence per Evoke share. Evoke’s board has unanimously backed the proposal, characterising it as a recommended transaction for shareholders.
Market reaction to the takeover announcement
Following disclosure of the agreement, Evoke’s shares rose as much as 14% in early trading to 45.8 pence. The share price move reflected investor response to the proposed 52 pence per share offer and the prospect of the group joining forces with Bally’s Intralot.
Bally’s Intralot is listed on the Athens stock market and operates as a Greek lottery and gaming business. The combination would link Evoke’s sports betting and online gaming brands with Bally’s Intralot’s operations in the lottery and gaming segment.
Deal structure and consideration mix
The transaction is structured primarily as an all-share combination between Evoke and Bally’s Intralot. In addition to the share-based consideration, the offer includes a partial cash alternative made available to Evoke shareholders.
This partial cash option is capped at about £117 million, limiting the total cash outlay while maintaining the all-share nature of the broader deal. Specific terms for how shareholders can elect the cash alternative were not detailed in the available information.
Financing arrangements and debt refinancing
As part of the deal arrangements, private lenders have committed significant new financing to support the takeover and address Evoke’s existing borrowings. Lenders led by TPG Credit, Oaktree and OHA have pledged about £889 million in total commitments.
These funds are designated both to refinance Evoke’s current debt and to facilitate completion of the transaction. The financing package underpins the offer structure agreed between Evoke and Bally’s Intralot and is a key component of the announced deal.
Strategic context for Evoke and Bally’s Intralot
Evoke controls the William Hill and 888 brands, which operate across sports betting and online gaming markets. Bally’s Intralot, as a Greek lottery and gaming firm, brings a different but related portfolio focused on lottery and gaming operations.
By agreeing to the all-share combination, Evoke’s board has signalled support for integrating these businesses under Bally’s Intralot’s listed vehicle on the Athens stock exchange. Further details on future operational plans or integrations were not disclosed in the information provided.
Key Takeaways
- The agreed 52 pence per share offer and £243.1 million equity valuation reflect a board-endorsed exit route for Evoke shareholders backed by an identified buyer.
- The sharp intra-day move in Evoke’s share price highlights how the market is responding to the agreed terms rather than to broader sector factors.
- The £889 million financing commitment from private lenders is central to the transaction, ensuring Evoke’s existing debt can be refinanced alongside the takeover.
- The all-share structure with a capped cash component signals an emphasis on equity-based ownership in the combined group, while still offering some liquidity to Evoke investors.
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