Gaming companies Bally’s Intralot and evoke announced that they have reached an agreement on the terms and conditions of a recommended acquisition of the latter company by Intralot. The arrangement seeks to create a global gaming and lottery champion with scaled pan-European B2C, according to officials.
Evoke Shareholders Will Be Able to Receive Intralot Shares or Cash Out
According to the announcement, the GBP 243.1 million ($324.8 million) all-share acquisition will see Intralot acquire evoke’s outstanding shares, which represents a 138% premium to evoke’s share price of 21.9 pence at the close of business on December 9, 2025.
Per the terms of the deal, evoke shareholders will be eligible to receive 0.537 new Intralot shares for each evoke share they previously owned. Alternatively, existing evoke shareholders will be allowed to cash out some or all of their shares for 52 pence apiece. However, the maximum aggregate cash payment available to evoke shareholders will be capped at GBP 117.1 million. The cash consideration under the latter offer will be funded by a bridge facility agreement with Deutsche Bank Aktiengesellschaft and Jefferies Finance LLC.
The Agreement Will Unlock Major Benefits
Speaking about the reason for the acquisition, the two companies said that the combination of the two comes after an earlier merger between Bally’s and Intralot, which “established Intralot as a diversified, digitally led global betting, gaming and lottery operator with industry-leading EBITDA margins, proven proprietary technology and operations spanning a number of regulated markets, including the UK, Spain and certain US states.”
By adding evoke to the Intralot fold, the two companies will create a “global gaming and lottery champion with scaled pan-European B2C.” The combined business will be equipped to tackle emerging challenges in the highly attractive UK market and cement itself as a local leader due to evoke’s well-known gaming brands. Experts say that the enlarged group will be the second-biggest player in UK iGaming and the fourth-biggest online betting company.
In addition to that, the emerging business will be poised for growth in other regulated markets. To that end, Intralot will inject leading data technology to evoke’s iconic brands, allowing it to stay ahead of the curve.
Intralot’s technology will enable more precise customer segmentation, and personalised journeys, supporting materially lower marketing intensity, improved conversion and reduced churn.
Announcement excerpt
Additionally, officials noted that the transaction will unlock significant value creation synergies, including GBP 180 million of identified pre-tax cost and capex savings thanks to the consolidation and optimizations of activities.
The enhanced scale will also increase the company’s revenue to an estimated EUR 3.2 billion, and its adjusted EBITDA to an estimated EUR 856 million.
In light of all these benefits, the companies encouraged stakeholders to approve the agreement at the upcoming General Meeting.
Leaders Hailed the Deal
Company leaders commented on the deal, with Mark Summerfield, evoke’s chair, saying that it follows his company’s recent Strategic Review, which determined M&A to be one of the ways for improved shareholder value generation. He cited the rising tax rates in the UK as one of the main factors for this decision.
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.
Mark Summerfield, chair, evoke
Avi Shaked, a member of the Shaked family, which founded evoke, was similarly pleased to see how far the company has come and called the transaction a “significant milestone” for evoke.
Soo Kim, Bally’s chair, also commented on the matter, saying that he is pleased to welcome evoke’s “iconic brands of incredible heritage” to the Bally’s fold. Kim was highly optimistic about pairing Intralot with evoke, saying that the combination will deliver significant benefits.
Soo Kim said: “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.”