Evoke Confirms Negotiations for Sale with Bally’s Intralot

(AsiaGameHub) –   On Monday morning, Evoke confirmed it is in discussions with Bally’s Intralot over an all-share merger, valued at £0.50 ($0.67) per Evoke share.

Evoke stated that the proposed deal is expected to consist of an all-share combination with a partial cash option available. The deadline for the transaction is 18 May, 28 days after this announcement is made public.

Evoke noted that it is assessing the offer alongside its financial advisors, Morgan Stanley and Rothschild & Co.

This bid follows months of speculation that began when Evoke launched a strategic review in December to explore opportunities for either a partial or full sale of the business.

Bally’s Intralot has confirmed that any binding offer, should one be submitted, will be subject to standard conditions and required approvals. The firm also added that it reserves the right to adjust the terms of any such offer, including the price, the form and mix of consideration, and the overall structure of the transaction.

At the time of launching the strategic review, Evoke did not confirm which specific segments of its business it was considering selling, but Sky News reported in November that the firm was looking to offload its Italian division to help offset the impact of the April gambling tax hike.

This tax increase, announced as part of the government’s November autumn budget, raised the UK’s Remote Gaming Duty from 21% to 40%. A separate rise in Remote Betting Duty is also set to take effect from next April.

Evoke set to shut 200 UK retail outlets

With the Remote Gaming Duty coming into force this month, Evoke also announced it will close 200 William Hill betting shops across the UK. The closures will kick off in May, and follow similar moves by Entain and Flutter in the UK and Ireland.

In January, Deutsche Bank downgraded Evoke’s shares to a “hold” rating. Richard Huber, a research analyst at the bank, wrote that the UK budget had “disproportionately impacted Evoke” given the company’s large exposure to the UK online market.

To account for the upcoming tax increase, Deutsche Bank has cut its 2026 and 2027 fiscal year EBITDA forecasts by 12% and 18% respectively.

Industry stakeholders had previously speculated which parts of its business Evoke would sell off as part of the strategic review. Some suggested a private equity takeover could benefit the operator by helping it reduce its debt burden.

Speaking to iGB in February, Ben Robinson of Corfai said: “Beyond retail asset disposals, the real opportunity lies in structural cost reduction rather than short-term cuts. Operational consolidation, automation, AI-driven efficiency gains and selective outsourcing can deliver 10% sustainable savings without undermining growth.”

Evoke’s share price reached £0.43 when markets opened this morning, after closing at £0.38 on Friday.