Exchange terms and valuation
Based on the agreement, Evoke shareholders will receive 0.537 new Bally’s Intralot shares for each share held, which will be issued and admitted to trading on Euronext Athens. The valuation corresponds to approximately 0.52 pounds per Evoke share, based on a price of 1.12 euros for the Bally’s Intralot share. Alternatively, Evoke shareholders can choose cash amounting to 0.52 pounds per share, with the total amount limited to 117.1 million pounds. The relevant shares will be acquired through a subsidiary of Bally’s Intralot.
Financing of the transaction
The cash portion will be covered through bridge financing of up to 200 million euros, which has been concluded with Deutsche Bank and Jefferies. At the same time, the company has secured a second lien financing package of up to 889 million pounds from investment schemes such as TPG, Oaktree, and OHA, with the aim of refinancing the existing debt of Evoke. The financing structure does not provide for real collateral for Bally’s Intralot, beyond specific repayment commitments and synergy costs. In addition, an increase in Evoke's revolving credit line to 220 million pounds has been agreed, while the bondholders of the 2030 and 2031 issues have already given consent to a change of control. The total financial support is also strengthened by additional commitments from institutional investors of 157 million pounds.
Timeline and strategic focus
The completion of the acquisition is expected in the fourth quarter of 2026 or the first quarter of 2027, subject to obtaining all necessary approvals. In his statement, the Chairman of Bally’s Intralot, Sokratis Kokkalis, spoke of "a new great chapter" and the creation of a strong global group in the gaming industry, pointing out that this move strengthens the company's international momentum. Bally’s Intralot presents the acquisition as a strategic move to create synergies, aiming to strengthen its presence in iGaming, lotteries, and sports betting on a global level.
What bankingnews.gr reported earlier
The agreement between Bally's Intralot and Evoke has closed, with announcements expected immediately within the day. According to information from bankingnews.gr (BN) originating from London institutional circles, the two sides reached a deal with particularly favorable terms for the Bally’s Intralot group. According to the same information, the agreement is at 0.52 euros per Evoke share, while a mixed consideration is provided that will include both cash and an exchange of Bally’s Intralot shares, at 1.12 euros. The agreement will significantly strengthen the financial figures and development prospects of Bally’s, creating new data in the gaming and digital entertainment industry. The financial stake for Bally’s Intralot is a low entry-price bet, based on the transformation of Evoke through costs, synergies, and refinancing, with the goal of creating significant future value.
What bankingnews.gr reported from June 2, 2026
The agreement between Bally's Intralot and Evoke is reportedly in the final stretch, according to information arriving from institutional circles in London, with the two sides appearing close to reaching a deal that is estimated to be carried out with particularly favorable terms for Bally's. The same sources state that, provided the agreement is completed, it is expected to significantly strengthen the financial figures and growth prospects of Bally's, creating new data in the gaming and digital entertainment industry. Market factors attribute this development to the strategy followed by the group's management, making special reference to the Chairman Sokratis Kokkalis and the management team, who are credited with implementing moves that, according to market estimates, strengthen the long-term value of the group's holdings.
Positive prospects for Intracom
Intracom is also estimated to be a major beneficiary of the developments, as the potential further strengthening of Bally's Intralot is expected to positively affect the valuation of its holdings. Market analysts estimate that the surplus value of the relevant investments could increase significantly, resulting in the strengthening of Intracom's net position and the improvement of its overall financial figures. Interest now turns to the official announcements expected in the coming period, which will confirm or deny the information circulating in international investment circles.
Detailed announcement
Bally’s Intralot announces the submission of a binding offer for all shares of evoke plc. Following its announcement on April 20, 2026, Bally’s Intralot S.A. ("Company") announces that its Board of Directors and the board of directors of evoke plc, a company incorporated under the laws of Gibraltar ("evoke"), whose shares are listed on the London Stock Exchange, have reached an agreement regarding the terms and conditions of a proposed acquisition of all shares by the Company for the entire common share capital of evoke (the "Acquisition") and have entered into a relevant cooperation agreement, dated June 5, 2026 (the "Cooperation Agreement"). The acquisition is to be implemented through a scheme of arrangement between evoke and evoke's shareholders in accordance with Part VIII of the Companies Act of Gibraltar. The Company reserves the right to implement the Acquisition through a takeover offer to evoke shareholders in accordance with Part XA (including Article 352A) of the Companies Act of Gibraltar, in accordance with the terms of the Cooperation Agreement.
The Acquisition is subject to, among other things, the approval by evoke shareholders of the scheme of arrangement and the approval by the Company's shareholders of a resolution authorizing the issuance of new shares of the Company to evoke shareholders in relation to the Acquisition. According to the terms of the Acquisition, evoke shareholders will be entitled to receive for each evoke Share: 0.537 new shares of the Company to be issued and admitted to Euronext Athens following an increase in the Company's share capital (the "Share Offer"). The Share Offer represents a value of approximately 0.52 U.K. pounds per evoke Share based on a Bally’s Intralot share price of 1.12 Euro. On this basis, the Acquisition values the entire issued, and to be issued, common share capital of evoke at approximately 243.1 million U.K. pounds.
As an alternative to the Share Offer, evoke shareholders may elect to receive in respect of some or all of their evoke Shares (in lieu of a corresponding number of new Company shares under the Share Offer) 0.52 U.K. pounds in cash for each evoke Share (the "Cash Alternative Offer"). The maximum total cash payment that can be made available to evoke shareholders under the Cash Alternative Offer will be limited to 117.1 million U.K. pounds. Any evoke shares sold under the Cash Alternative Offer will be acquired by [Bally's Intralot Jersey Securities Limited], a wholly owned (indirect) subsidiary of the Company. The cash consideration payable under the Cash Alternative Offer will be funded by a bridge facility of up to 200 million euros entered into between the Company as borrower and Deutsche Bank Aktiengesellschaft and Jefferies Finance LLC as lenders. The Company has also secured commitments, led and underwritten by a group of financiers consisting of TPG BD Finance L.P., Oaktree Capital Management, and OHA (UK) LLP, for second lien financing, five-year maturity, up to the euro equivalent of 889 million U.K. pounds to refinance certain existing evoke high-priority debt maturing in 2028.
The Company will not provide a guarantee or collateral in relation to the second lien financing, other than the financing commitment: (i) mandatory repayment for the euro equivalent of 200 million U.K. pounds by December 31, 2027; and (ii) costs related to synergies of up to 50 million U.K. pounds, provided certain conditions are met. In addition, evoke has proactively received a waiver consent regarding a change of control from the holders of all series of its outstanding high-priority secured bonds, maturing in 2030 and 2031, as well as from those of its revolving credit line, which will also increase to 220 million U.K. pounds provided customary conditions are met. The Company has also secured commitments from institutional investors for high-priority financing of 157 million U.K. pounds to support the Acquisition. The Acquisition is expected to be completed in either the last quarter of 2026 or the first quarter of 2027 and is subject to terms and conditions which, if not met or waived, may delay and/or preclude its completion. Mr. Sokratis Kokkalis, Chairman of the Board of Directors of Bally’s Intralot, stated: "Today begins a new great chapter for our company with the submission of a binding offer for the acquisition of evoke for the creation of a very strong global protagonist in the gaming sector. This move demonstrates the new momentum our company has acquired, vindicating the trust the investment community has shown us."
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