Bally’s-Controlled Intralot to Acquire Evoke for £243m at 52p Per Share
BALY•Evoke has agreed to a recommended 52p-per-share takeover by Intralot, controlled by Bally’s, valuing the group at £243m after forecasting up to £135m in extra annual costs from upcoming UK gaming duty increases. The deal follows plans to close about 200 William Hill shops and address a £1.8bn debt burden.
1. Deal Terms and Valuation
Evoke’s board has accepted a recommended offer of 52p per share from Intralot, valuing the company at £243m. The bid is led by US casino operator Bally’s, which became Intralot’s largest shareholder after merging its international online gambling arm last year.
2. Tax Pressure and Strategic Review
Labour’s plan to double remote gaming duty to 40% and raise online betting duty to 25% prompted Evoke to forecast up to £135m in added annual costs. The company launched a strategic review in December, warning of 200 shop closures and potential job losses.
3. Financial Strains and Asset History
Evoke, formerly 888 Holdings, spent £2.2bn to acquire William Hill’s non-US operations in 2021 and now carries about £1.8bn of debt. Its share price has fallen roughly 90% since that acquisition, reflecting heavy leverage and margin pressure.
4. Synergies and Completion Timeline
Intralot projects around £180m of annual savings within two years through reduced marketing costs, technology integration and operational efficiencies. The takeover remains subject to shareholder and regulatory approval, with completion expected in late 2026 or early 2027.
