It’s about time: Bally Intralot has reached an all-shares agreement with Evoke to buy the business at an enterprise value of £2.2bn, including £1.9bn of debt and valuing the equity at £243m. The statement said a cash alternative will be available.

• The offer represents a 77% premium to the three-month average price of Evoke’s shares ahead of the news breaking about talks in mid-April.
• The companies said they hope to complete the deal in either Q426 or Q127.

Closure: The news brings to an end a protracted takeover saga that was first announced in mid-April and which had already had one extension granted last month. The sticking point was the size of the debt pile and the position of major shareholders, the Shaked family.

• Bally’s Intalot said it had irrevocable undertakings to accept the deal from 29% of Evoke’s shareholders.
• Evoke first announced a strategic review back in December after a look at the potential of the sale of the Italian business widened out into a potential sale of the whole business.

The great unlock: Bally’s Intralot said this morning it hoped to unlock £180m of synergies, and in combining William Hill and 888 with Jackpotjoy and Virgin Casino it will be the second-biggest player in UK iCasino and the #4 operator in UK OSB.

• On a pro forma basis, the combination would have produced FY25 revenues of £3.2bn and adj. EBITDA of £856m on adj. EBITDA margins of 27%.
• “We are confident that the enlarged group will not just be stronger than before, but stronger than ever,” said Soo Kim, chair of Bally’s.

The end of the road: The deal marks the end of a traumatic period for Evoke, a company that brought together William Hill and 888 back in July 2022 and which has been lumbered with debt ever since.

• Diary date: Bally’s Intralot will host a call with analysts at 11am this morning after which E+M will release a deal X-ray note to PRO subscribers.

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