evoke has agreed to a £243m takeover deal from Bally’s Intralot, in a deal that could significantly shift the UK gambling landscape.
After much speculation, the two companies’ boards of directors have reached an agreement on the terms and conditions of a recommended all-share acquisition by Bally’s Intralot of the entire issued ordinary share capital of the William Hill, 888 and Mr Green operator.
Confirming the deal, Bally’s Intralot Chief Executive Officer Robeson Reeves emphasised that the group is looking to tap into six core markets of the UK, Ireland, Spain, Denmark, Romania and Italy.
He added that they are well-positioned to tap into growth prospects in the UK market, as consolidation is a key driver for the deal as they expand their market share in a new landscape.
Wheels in motion
Bally’s Intralot had long been planning to acquire evoke for 50p per share, with the initial announcement of the potential deal confirmed near the end of April. The company extended the offer beyond the first deadline of 18 May 2026 to 8 June 2026 to confirm whether it plans to progress with the acquisition or not.
The company has now confirmed it will proceed with a slightly tweaked acquisition offer, and the evoke board has already released a statement to its shareholders recommending they accept the offer.
Detailing the offer’s terms, evoke said its investors would be entitled to receive 0.537 new Intralot shares for each evoke share, equating to a value of 52p per evoke share based on Intralot’s share price of €1.12.
On this basis, the acquisition values the entire and to be issued ordinary share capital of evoke at approximately £243.1m at an £2.2bn enterprise value.
The deal also represents a premium of approximately:
- 138% premium to evoke’s share price of 21.9p at the close of business on 9 December 2025 (being the last business day before the announcement of evoke’s strategic review).
- 77% premium to evoke’s volume-weighted average share price of 29.4p over the three months ending on 17 April 2026 (being the last business day before evoke’s statement regarding media speculation in respect of the acquisition).
Bally’s Intralot will seek the approval of the listing of the new Intralot shares on the Main Market of the Regulated Securities Market of Euronext Athens alongside the existing Intralot Shares under the symbol BYLOT.
“We are confident that this transaction will deliver substantial benefits for both Intralot and evoke shareholders.”
Soo Kim, Chair at Bally’s Corporation
evoke has been undergoing a strategic review of its operations since December last year to maximise shareholder value, including, but not limited to, a potential sale of the group or some of its assets and/or business units.
The acquisition will be put to evoke shareholders at the Court Meeting and the General Meeting, and is currently expected to be completed in the final quarter of 2026 or the first quarter of 2027, subject to the satisfaction or waiver (where applicable) of the 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 acquisition has a compelling strategic and financial rationale for both companies’ shareholders, which is expected to result in 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.”
