Bally's Intralot acquires William Hill owner Evoke in £243m deal
Greek gambling firm Bally's Intralot has agreed to acquire Evoke PLC, owner of William Hill and 888, in a £243.1 million all-share takeover. The deal, valued at 52 pence per share (a 138% premium), includes a partial cash alternative and £889 million in debt refinancing from TPG Credit, Oaktree, and OHA. The acquisition follows the UK government's decision to double Remote Gaming Duty from 21% to 40% next April, which Evoke warned would drain up to £135 million annually. The transaction is expected to close by Q1 2027.
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Britain's Gambling Crackdown Triggers Evoke PLC Takeover by Bally’s Intralot
Evoke PLC, owner of William Hill and 888, has agreed to a £243.1 million all-stock takeover by Athens-listed Bally’s Intralot, following a UK government decision to double remote gambling taxes from 21% to 40%. The deal, valued at 52p per share, includes a partial cash alternative and a massive £889 million debt restructuring led by TPG Credit, Oaktree Capital, and OHA. Evoke's CEO warned the tax hike would drain up to £135 million annually from the company, rendering its financial targets obsolete. The takeover provides a vital escape hatch for Evoke, which was crushed by legacy debt and the punitive tax change. Evoke's London-listed shares surged 14% on the news, reaching an eight-month high.
Yahoo FinanceBritain's Gambling Crackdown Triggers Evoke PLC Takeover and Corporate Bailout
Evoke PLC, owner of William Hill and 888, has agreed to a £243.1 million ($326.4 million) all-stock takeover by Athens-listed Bally's Intralot, following a UK government decision to double remote gambling taxes from 21% to 40%. The deal, valued at 52p per share, includes a partial cash alternative and is backed by an £889 million debt refinancing led by TPG Credit, Oaktree Capital, and OHA. Evoke's CEO warned the tax hike would drain up to £135 million annually from profits, rendering its financial targets obsolete. The takeover provides a vital escape hatch for the debt-crushed company, with shares rising 14% on the news. The transaction is a direct consequence of aggressive UK regulatory intervention in the online gambling sector.
Yahoo FinanceWilliam Hill owner Evoke shares surge on £243m takeover bid from Bally's Intralot
Shares of Evoke, the owner of William Hill and 888 online casino, surged 16.2% in early trading after Greek gambling firm Bally's Intralot announced a recommended all-share takeover bid valuing the company at £243.1 million. The offer of 52 pence per share represents a 138% premium over Evoke's share price before talks began in December. The deal is expected to close by the first quarter of 2027, with private lenders including TPG Credit committing roughly £889 million to refinance Evoke's debt. The acquisition comes as the UK prepares to hike Remote Gaming Duty from 21% to 40% next April, a move Evoke has called 'misguided.' Bally's Intralot, formed by a merger in October 2025, aims to capitalize on expected market consolidation. Evoke has struggled with tax increases, shifting consumer habits, and an 88.4% share price decline over five years.
City AMWilliam Hill owner Evoke set for £243m takeover from Bally's Intralot
Greek gambling firm Bally's Intralot has reached an agreement to acquire Evoke, the owner of William Hill and 888, in an all-share deal valuing the company at £243.1 million. Evoke shareholders will receive 52 pence per share, a 138% premium to the pre-talks price. The deal includes a partial cash alternative capped at £117 million and is backed by £889 million in refinancing from private lenders led by TPG Credit. The acquisition comes as the UK gambling sector braces for a sharp increase in Remote Gaming Duty from 21% to 40% next April. Intralot aims to leverage Evoke's regulated market access and strengthen its balance sheet, while Evoke's board acknowledged that its heavy UK exposure would face material adverse impacts from the tax hike. The transaction is expected to close by Q1 2027.
City AMWilliam Hill owner Evoke shares surge on £243m takeover bid from Bally's Intralot
Shares of Evoke, the owner of William Hill and 888 online casino, surged 16.2% after Greek gambling firm Bally's Intralot announced a £243.1 million all-share takeover bid. The offer values Evoke at 52 pence per share, a 138% premium to its price before talks began in December. The deal is expected to close by Q1 2027 and includes a partial cash alternative capped at £117 million. Lenders including TPG Credit, Oaktree, and OHA have committed £889 million to refinance Evoke's debt. The acquisition comes as the UK prepares to hike Remote Gaming Duty from 21% to 40% next April, a move Evoke has called 'misguided.' Evoke's board admitted the tax hike would materially impact profitability. The company has struggled with falling share prices, down 88.4% over five years, and rising costs from increased gambling taxes.
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