Jersey Opens Competition Review Into £243 Million Evoke Takeover

The Jersey Competition Regulatory Authority (JCRA) has opened a competition review into Bally’s Intralot’s proposed £243.1 million acquisition of evoke.

The regulator issued a Notice of Application on 14 September covering the proposed purchase of evoke’s entire issued ordinary share capital. The notice confirms that the Jersey regulatory process is under way but does not constitute approval of the transaction, with no decision date currently announced.

The development comes ahead of an Extraordinary General Meeting on 18 September, when Bally’s Intralot shareholders are due to vote on measures required to progress the takeover.

Jersey Among Three Named Competition Reviews

Jersey was identified as one of the regulatory conditions attached to the transaction when the companies agreed the deal in June.

The acquisition documents specifically identify merger-control processes in Austria, Jersey and the UK. In Jersey, the transaction requires written approval from the JCRA under the Competition (Jersey) Law 2005.

The terms also provide for the possibility of a more detailed second-stage review should the JCRA identify competition concerns requiring further assessment.

Evoke said following its shareholder meetings in August that a number of antitrust and regulatory conditions had already been satisfied but did not specify which approvals had been secured.

As a result, the opening of the Jersey review should not be interpreted as confirmation that it represents the final outstanding regulatory hurdle.

Bally’s Intralot Shareholder Vote Scheduled

Evoke shareholders have already approved the acquisition, with 99.63% of votes cast at its General Meeting supporting the transaction.

Attention will now turn to Bally’s Intralot shareholders, who are scheduled to meet on 18 September as part of the timetable established for the acquisition.

Under the agreed terms, evoke is valued at approximately £243.1 million. Shareholders will receive 0.537 new Bally’s Intralot shares for every evoke share they hold, while a cash alternative is available subject to an overall cap of £117.1 million.

The transaction remains subject to a wider range of conditions beyond competition clearance in Jersey, Austria and the UK. These include foreign investment requirements in several European jurisdictions and gambling regulatory approvals across markets including the UK, Italy, Germany, Gibraltar, Malta, Canada and three US states.

Completion Remains Targeted For Late 2026 Or Early 2027

Further legal steps will also be required before the acquisition can complete, including sanctioning of the scheme by the Gibraltar court once the necessary conditions have been satisfied.

Bally’s Intralot and evoke continue to target completion during the fourth quarter of 2026 or the first quarter of 2027.

The latest Jersey filing therefore represents another step in a broader regulatory process rather than a final clearance, with the upcoming Bally’s Intralot shareholder meeting providing the next scheduled milestone for the proposed takeover.