The merger of the two groups is expected to create significant synergies and enhanced scale

Bally’s Intralot and evoke have agreed an all-share transaction that will see evoke shareholders receive 0.537 new Intralot shares for each evoke share.

The proposed acquisition was first announced in April and has now been recommended by the board of directors of both companies, with the all-share transaction valuing evoke at 52 pence per share based on Intralot’s share price of €1.12 per share.

This values the entire issued and to be issued ordinary share capital of evoke at approximately £243.1 million, representing a premium of 77 per cent on the closing price of evoke shares on 17 April.

evoke shareholders will also have an option to receive cash for all or some of their shares, with the maximum cash component of the transaction capped at £117.1 million.

If all evoke shareholders elect to receive new Intralot shares, evoke shareholders will own approximately 11.5 per cent of the enlarged group.

Bally’s Intralot said in a statement Friday that it continues to believe that the United Kingdom is a highly attractive geography, with the current market dislocation due to tax increases presenting a significant opportunity for consolidation. 

Intralot added that the merger will add significant reach across locally regulated markets, as well as a leading position in the UK sports betting sector, which will be enhanced by the deployment of Intralot’s technology to evoke brands.

The transaction is expected to unlock approximately £180 million of identified pre-tax cost and capex savings, which will be realised by the end of the second year following completion of the acquisition.

Synergies are expected to be realised primarily from the consolidation and optimisation of activities in marketing spend optimisation, operational efficiencies, and IT infrastructure.

“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,” said evoke chairman Mark Summerfield.

“Having considered a range of options I am delighted to announce the Acquisition by Intralot and believe the agreed terms represent the most attractive and deliverable outcome for evoke shareholders.

“The combination will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth through enhanced capabilities,” Summerfield added.

The transaction will be implemented by way of a court-approved scheme of arrangement between Intralot and evoke shareholders under the Gibraltar Companies Act and is expected to close during the final quarter of 2026 or first quarter of 2027, subject to required approvals.

Commenting on behalf of the Shaked family, evoke’s founders, Avi Shaked said: “When I founded evoke 30 years ago, I envisioned building a company that would stand among the world’s leading gaming businesses – a global platform with exceptional people, iconic brands, and a reputation for excellence across every market in which it operates.

“The transaction we are announcing today represents a significant milestone on that journey. The Shaked family has provided an irrevocable undertaking in support of this transformational combination. As committed minority shareholders in the combined group, we look forward to remaining part of this business for many years to come and participating in the next chapter of growth, innovation, and value creation alongside our fellow shareholders.”

Bally’s 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 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.”

Shares in evoke plc. (LSE:EVOK) closed 2.5 per cent higher at 41.00 pence per share in London Thursday, prior to this morning’s announcement.

Shares in Bally’s Intralot SA (ATH:BYLOT) closed 0.42 per cent higher at €1.19 per share in Athens Thursday.