In a massive consolidation move reshaping the global gaming landscape, Bally’s Intralot has officially agreed to terms on a definitive all-share takeover acquisition of Evoke.
The transaction, valued at £243.1 million, places the total issued capital of the legacy owner of William Hill and 888 Holdings under a single corporate umbrella.
Structure of the Corporate Buyout
Under the statutory terms of the final agreement, Evoke shareholders will receive exactly 0.537 new Intralot shares for each individual Evoke share currently held. To accommodate varying institutional preferences, the corporate offer includes a structured cash alternative option fixed at 52 pence per share. This cash path remains subject to an aggregate corporate allocation cap of £117.1 million.
The transaction represents a substantial premium for Evoke’s investor base, capitalizing on an extended strategic review process originally initiated by the board following macro market pressures. Specifically, the definitive 52p valuation represents a striking 138% premium to Evoke’s closing share price recorded on December 9, 2025. This baseline was logged just 24 hours before the group publicly announced a formal strategic review to mitigate the balance sheet impact of increased UK gambling duties.
Furthermore, the agreed terms reflect a 77% premium over Evoke’s three-month volume-weighted average share price of 29.4 pence calculated up to April 17, 2026, which marked the final trading day before initial buyout discussions were formally confirmed to the public markets. The multi-vertical corporate combination is actively projected to complete its remaining regulatory clearances during the final quarter of 2026 or the first quarter of 2027.
Creating a Global Gaming and Lottery Champion
Corporate disclosures circulated by both firms confirm that the unified operational entity will benefit from immediate global scale across regulated lottery infrastructure and interactive casino networks. Management teams indicate that merging the businesses allows the combined group to optimize international digital pipelines while insulating its primary operational units from localized fiscal volatility.
The board of directors at Evoke stated that combining forces with a scaled international infrastructure network secures long-term enterprise stability:
“The combination will create a global gaming and lottery champion.”
