British bookmaker Evoke has agreed to a takeover by Greek lottery and gaming operator Intralot in an all-share transaction valuing the company at approximately £243 million ($326 million). The announcement sent Evoke’s shares surging by 14% in early trading, reaching their highest levels since October 2025. Under the terms of the agreement, Intralot will pay 52 pence per share, representing a 33.8% premium over Evoke’s closing stock price before the merger discussions were publicly confirmed. The deal also includes a partial cash alternative capped at roughly £117 million.(Reuters)
The transaction marks a turning point for the debt-laden London-listed operator, which owns high-profile brands including William Hill and 888 Casino. Evoke’s board has unanimously recommended that shareholders vote in favor of the acquisition. The company has faced severe financial strain since its massive £2.2 billion acquisition of William Hill’s UK assets from Caesars Entertainment in 2022, which left Evoke burdened with £1.86 billion in net debt by the end of last year.
Evoke’s financial pressures intensified late last year, forcing the company to launch a sweeping strategic review in December. This decision followed a warning that steep UK gambling tax hikes introduced in November would severely inflate operating costs, prompting management to scrap its medium-term financial targets. As part of its cost-cutting efforts, Evoke had already announced plans to shutter roughly 200 physical betting shops across the United Kingdom.
To ensure the success of the takeover and address Evoke’s unstable balance sheet, a consortium of private lenders has stepped in with substantial financial backing. TPG Credit, alongside Oaktree and OHA, have jointly committed approximately £889 million in capital to refinance Evoke’s existing debt, providing the necessary liquidity to stabilize the business and clear the path for the Greek lottery firm to assume control.
