Transaction overview

Bally’s Intralot S.A., a Greek gaming company listed on the Athens Stock Exchange, completed its acquisition of evoke plc, a British betting and gaming firm, on June 11, 2026, for $231 million. The deal was announced five days earlier on June 5, 2026. Evolve owns popular brands such as William Hill, Mr Green, and 888. Bally’s Intralot is set to become a leading global gaming and lottery champion across six regulated markets post-merger.

Deal structure and financing

The transaction was funded through a mix of equity and debt. Key financings include a bridge facility of up to €200 million for the cash alternative offer, a committed second lien term facility of up to £889 million (the euro equivalent) to refinance certain evoke maturing obligations in 2028, a consent solicitation with respect to evoke's outstanding 2030 and 2031 senior secured notes, an increased revolving credit facility for evoke to £220 million, and a committed first lien senior facility of up to £157 million from institutional investors. Milbank LLP served as the lead advisor on both the acquisition and financing aspects.

Strategic context

Bally’s Intralot's rationale for acquiring evoke is to expand its footprint in regulated gaming markets and strengthen its position globally through the addition of well-known brands such as William Hill, Mr Green, and 888. Evolve, meanwhile, was looking to streamline its portfolio and focus on core competencies by divesting non-core assets. The transaction aligns with Bally’s Intralot's strategic objective to become a leader in both gaming and lottery services across multiple jurisdictions.

Regulatory path

The acquisition required regulatory approvals from several bodies due to the cross-border nature of the deal between Greece (Bally’s Intralot) and the United Kingdom (evoke). Specific approval was sought from the UK Competition and Markets Authority, Gibraltar Financial Services Commission, and the European Union's competition regulators. Given the timing, HSR filings in the US were not required as evoke does not have significant operations there. The deal did not face any major antitrust hurdles, with Bally’s Intralot securing necessary waivers and ensuring compliance with all relevant regulatory requirements throughout the transaction process.