Bally’s Intralot S.A. announced the submission of a binding offer to acquire all shares of evoke plc, the Gibraltar-based company listed on the London Stock Exchange. The agreement, confirmed on June 5, 2026, outlines an all-share acquisition intended to consolidate evoke into Bally’s Intralot through a scheme of arrangement under Part VIII of the Gibraltar Companies Act. As an alternative, evoke shareholders may elect to receive cash in lieu of shares, capped at £117.1 million.
The acquisition values evoke at approximately £243.1 million. Under the proposed terms, each evoke share entitles the holder to 0.537 new Bally’s Intralot shares. Assuming no shareholder opts for cash, evoke investors would own roughly 11.5% of the enlarged group post-completion. The company has secured financing through a €200 million bridge facility and a five-year second-lien term facility of up to €889 million, underwritten by TPG BD Finance L.P., Oaktree Capital Management, and OHA (UK) LLP, to refinance evoke’s existing debt maturing in 2028.
Strategic Rationale and Market Position
Evoke, owner of William Hill and 888 brands, will complement Bally’s Intralot’s existing digital and regulated lottery operations. The combined group aims to become a “global gaming and lottery champion” with enhanced scale, diversification, and operational capability. Chairman Sokratis Kokkalis stated in the announcement, “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.”
Evoke chairman Mark Summerfield emphasized that the terms represent the “most attractive and deliverable” option for shareholders. He noted that the deal follows a strategic review launched in December 2025 to explore ways to maximize shareholder value amid rising UK gambling duties, particularly in light of the company’s leverage and iGaming-heavy operations.
Bally’s chairman Soo Kim highlighted the potential synergies and operational advantages, stating, “Underpinned by the combination of evoke’s iconic brands of incredible heritage, 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.”
Financial Impact and Expected Completion
The acquisition is expected to be completed between the final quarter of 2026 and the first quarter of 2027, pending shareholder and regulatory approvals. The transaction is projected to reduce evoke’s leverage from 5.2x EBITDA to 4.6x pro-forma, while senior secured leverage would fall from 5.0x to 2.2x. Pre-tax cost and capital expenditure synergies of approximately £180 million are anticipated by the second year after completion, stemming from marketing efficiencies, operational streamlining, and IT infrastructure consolidation.
Evoke shareholders will also benefit from the premium offered. The deal represents a 77% increase over evoke’s three-month volume-weighted average share price of 29.4 pence before talks were confirmed and a 138% premium to the closing share price prior to the company’s strategic review announcement in December 2025.
The transaction is subject to multiple approvals, including regulatory consents in the UK, Gibraltar, Italy, Malta, and various U.S. states, as well as antitrust reviews in specific markets.