Evoke PLC (LSE:EVOK), the gambling group that owns William Hill, 888 and Mr Green, has agreed to a £243 million all-share takeover by Bally's Intralot, the Athens-listed lottery and gaming operator, sending its shares 16% higher to 46.45p.
The recommended offer values Evoke at 52p per share and includes a partial cash alternative.
Private equity firms TPG Credit, Oaktree and OHA have committed approximately £889 million to support the deal and refinance Evoke's existing debt pile, which stood at around £1.86 billion at the end of last year.
Evoke confirmed it had been in talks with Bally's Intralot since April, with the original deadline for a firm offer extended by three weeks before Friday's announcement.
The company has carried a heavy debt burden since 888 Holdings, as it was then known, completed the £2 billion purchase of William Hill's UK business from US casino operator Caesars Entertainment in 2022, a deal that left the enlarged group financially constrained as trading conditions deteriorated.
Chairman Mark Summerfield said the board had conducted a strategic review since December 2025 and considered a range of options in light of significant UK gambling duty changes and the pressures created by its capital structure, concluding that the Bally's Intralot offer represented the most attractive and deliverable outcome for shareholders.
Bally's Intralot chairman Soo Kim said the combination would create a leading diversified European gaming business, pairing Evoke's heritage brands with Intralot's technology and data capabilities.
