Bally’s Intralot Makes Offer for evoke plc
Bally’s Intralot has formally advanced its proposed acquisition of London-listed evoke plc after submitting a binding offer for the company’s remaining shares on Thursday.
The deal follows earlier discussions revealed in April and would see evoke become part of Bally’s Intralot through a recommended all-share transaction governed under Gibraltar corporate law. Both companies have approved the agreement and entered into a cooperation arrangement to oversee the process.
Under the proposed terms, evoke shareholders would receive 0.537 newly issued Bally’s Intralot shares for each evoke share they own. Using Bally’s Intralot’s share price of €1.12, the offer values evoke shares at approximately 52 pence each, placing the overall transaction value at around £243.1 million, including issued and potential share capital.
The proposal also includes a cash option for investors preferring payment in cash instead of shares. Those shareholders could receive 52 pence per share, although the total amount allocated for the cash alternative is capped at £117.1 million. Shares acquired through this route would be purchased by an indirect wholly owned subsidiary of Bally’s Intralot.
Financing arrangements linked to the transaction indicate the scale of the deal extends beyond a standard share exchange. Bally’s Intralot has secured a bridge financing facility worth up to €200 million from Deutsche Bank and Jefferies Finance to support the cash election component.
In parallel, a broader refinancing package has been assembled to manage evoke’s existing debt structure. A consortium including TPG BD Finance, Oaktree Capital Management and OHA has committed to providing a second-lien term facility with a five-year maturity worth up to the euro equivalent of £889 million. The funding is intended to refinance portions of evoke’s senior debt maturing in 2028.
Bally’s Intralot clarified that it will not provide guarantees or collateral for the refinancing package. Its financial obligations are limited to a mandatory repayment contribution equivalent to £200 million by the end of 2027, along with up to £50 million related to integration expenses and synergy initiatives, subject to agreed conditions.
Evoke has meanwhile secured change-of-control waivers from holders of its senior secured notes due in 2030 and 2031, as well as lenders connected to its revolving credit facility. That facility is also expected to increase to £220 million once standard conditions are completed.
Additional backing for the transaction includes a separate £157 million senior financing facility provided by institutional investors.
The takeover still requires several approvals before completion. Evoke shareholders must approve the scheme arrangement, while Bally’s Intralot investors must authorize the issuance of new shares connected to the deal. Bally’s Intralot also retains the option to proceed through a formal takeover offer instead of the scheme arrangement structure if circumstances require.
Both parties expect the acquisition to close between the fourth quarter of 2026 and the first quarter of 2027, depending on regulatory approvals, shareholder support and financing conditions.
For Bally’s Intralot, the proposed acquisition marks one of the company’s most significant strategic moves in recent years. Chairman Sokratis Kokkalis described the transaction as the beginning of a new chapter for the business, aimed at building a stronger international gaming group and supporting the company’s broader growth ambitions.
