Bally’s Intralot Agrees £243m Takeover of William Hill Owner Evoke
In a statement released on Friday, Evoke confirmed it had recommended an all-share acquisition by Bally’s Intralot. The agreement follows discussions first announced in April, with the original deadline for a firm offer extended by three weeks beyond 18 May.
Greek lottery and gaming operator Intralot has agreed a £243 million takeover of Evoke, the parent company of William Hill, 888 and Mr Green.
In a statement released on Friday, Evoke confirmed it had recommended an all-share acquisition by Bally’s Intralot. The agreement follows discussions first announced in April, with the original deadline for a firm offer extended by three weeks beyond 18 May.
Evoke was created when then-888 Holdings completed its £2 billion acquisition of William Hill’s UK business from Caesars Entertainment in 2022. The transaction left the group carrying substantial debt, with its latest annual report showing borrowings of approximately £1.86 billion at the end of 2025.
The company launched a strategic review following the UK Budget last November, which increased remote gaming duty to 40 per cent. While retail betting shops were excluded from the tax changes, Evoke announced in April that it planned to close around 200 shops, citing the financial impact of the measures.
Evoke chairman Mark Summerfield said:
"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 Bally's Intralot and believe the agreed terms represent the most attractive and deliverable outcome for Evoke shareholders.
"I'm confident Bally's 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."
The offer values Evoke at 52p per share, an increase on the original 50p proposal, and includes an all-share structure alongside a partial cash alternative.
The transaction will be supported by approximately £889 million in financing from investment firms TPG Credit, Oaktree Capital Management and Oak Hill Advisors, which will also be used to refinance Evoke’s existing debt.
Bally’s Intralot chairman Soo Kim added:
"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 Bally's 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."
