Strategic Merger: Evoke's Acquisition of Bally's Intralot for £243.1 Million
Evoke, the owner of William Hill, has finalized a £243.1 million acquisition deal with Greek gambling company Bally's Intralot. The agreement, valued at 52p per share, comes after two months of negotiations between the two companies. The move is seen as a response to the challenges posed by increased UK gambling taxes and heightened competition in the industry. Evoke, which also operates the 888 brand, had previously announced the closure of around 270 betting shops to mitigate the impact of higher taxes. The merger is expected to create a leading online betting and gaming group with strong growth potential and enhanced capabilities.
Mark Summerfield, the chairman of Evoke, expressed confidence in the merger, stating that it will result in a company with superior scale, exceptional brands, increased diversification, and a platform for robust growth. He believes that Intralot will be a supportive owner of the business and that the combined entity, with a more sustainable capital structure, will deliver long-term value to shareholders and stakeholders. The deal represents an opportunity for consolidation in the gambling industry and positions the newly formed group for future success.