Bally's Intralot in talks with TPG about £225m bid for Evoke - report

(Sharecast News) - Shares in gambling and gaming group Evoke jumped on Monday, after it was reported that private equity firm TPG was being lined up to help fund a possible £225m takeover by Bally's Intralot. According to Sky News, TPG Credit - part of the US firm - is in talks to provide as much as £800m to help refinance Evoke's significant borrowings, although an unnamed source cautioned that the final amount could be lower.

The London-listed owner of William Hill and online gaming brand 888 is in talks with Greek lottery operator Bally's Intralot about a possible 50p per share takeover. The deal is expected to comprise an all-share combination with a partial cash alternative.

A so-called put up or shut up deadline was recently extended, and Bally's Intralot - which is listed in Athens - now has until 1700 BST on 8 June to make a firm offer or walk away.

According to an anonymous analyst quoted by Sky, TPG Credit's involvement would "strongly increase" Bally's Intralot's chances of succeeding.

Shares in Evoke spiked 5% as trading got underway before paring back gains slightly. As at 0900 BST, the shares were up 2% at 38.65p.

Evoke, then called 888 Holdings, acquired William Hill's UK business from Caesars Entertainment in 2022 for £2bn, but was left with considerable debt. It launched a strategic review last November after hikes to gaming duties were announced in the Budget.