Intralot to Acquire Evoke in $325 Million Deal
Intralot and Evoke Announce Acquisition Agreement
Bally’s Intralot and evoke have reached a consensus for Intralot to acquire evoke, aiming to establish a dominant global presence in gaming and lottery with a strong pan-European B2C footprint. This strategic move marks a significant step towards enhancing their market share and operational scope.
Details of the Acquisition Offer
The transaction is valued at approximately GBP 243.1 million (equivalent to $324.8 million) and entails a complete share exchange. This offer delivers a 138% premium over evoke’s share price as of December 9, 2025. Under the terms, evoke shareholders can choose to receive 0.537 new Intralot shares for each share they hold in evoke, or they may opt to sell some or all of their shares at 52 pence per share.
It is important to note that the total cash available for shareholder buybacks is capped at GBP 117.1 million. Funding for the cash consideration will be secured through a bridge loan facility arranged with Deutsche Bank Aktiengesellschaft and Jefferies Finance LLC.
Strategic Benefits of the Merger
The acquisition comes after the prior merger of Bally’s and Intralot, which created a digitally advanced and diversified gaming and lottery operator with robust profitability and cutting-edge technology. The integration highlighted Intralot’s operational strengths across regulated markets including the UK, Spain, and certain US states.
Bringing evoke under Intralot’s umbrella is expected to form a powerful global gaming and lottery leader with a notable presence in the European B2C market. The combined entity is positioned to solidify its leadership in the UK market, leveraging evoke’s well-established gaming brands. Experts predict that post-merger, this group will rank as the UK’s second-largest iGaming operator and the fourth-largest online betting provider.
In addition to the UK market, this union prepares the company for expansion in other regulated regions. Intralot plans to enhance evoke’s brands by integrating advanced data-driven technology, enabling improved customer segmentation and personalized experiences that boost conversion rates and reduce customer churn.
Intralot’s technology will enable more precise customer segmentation, and personalized journeys, supporting significantly lower marketing costs, higher conversion rates, and less churn.
Company Announcement
The agreement is expected to generate substantial value creation opportunities, including cost and capital expenditure savings estimated at GBP 180 million through consolidated operations and optimizations.
Combined revenues are projected to reach approximately EUR 3.2 billion, with adjusted EBITDA estimated at EUR 856 million, reflecting the enhanced scale and operational efficiency.
Stakeholders have been encouraged to approve this strategic acquisition at the upcoming General Meeting to realize these benefits fully.
Leadership Perspectives on the Acquisition
Mark Summerfield, chair of evoke, highlighted that the decision to proceed with the merger followed a recent strategic review focusing on mergers and acquisitions as a pathway to creating greater shareholder value, especially amid rising UK tax rates.
I am confident that Intralot will be a strong and supportive partner. Combined with a more sustainable capital structure, this merger represents the best path to delivering long-term value to our shareholders and stakeholders at large.
Mark Summerfield, Chair of evoke
Avi Shaked, part of the founding Shaked family of evoke, described the deal as a significant milestone, expressing pride in the company’s growth and future prospects.
Soo Kim, chair of Bally’s, warmly welcomed evoke’s iconic and historic brands into the fold, expressing optimism about the synergies the combination is expected to create. Kim emphasized Intralot’s proven expertise in successfully integrating acquisitions while maintaining their unique strengths, anticipating considerable benefits for shareholders of both companies.
Soo Kim stated, “Intralot has a proven track record of driving shareholder value through the successful integration of acquired businesses while preserving their distinct strengths. We are confident this transaction will create significant value for both Intralot and evoke shareholders.”
