Evoke Plc confirms sale negotiations
The former 888 Holdings has confirmed that it’s in talks on a potential all-share merger.
UK.- London-listed Evoke Plc, the former 888 Holdings, has announced that it’s in discussions with Bally’s Intralot regarding a potential all-share merger that would value Evoke shares at £0.50 ($0.67) each. The proposal includes a partial cash alternative, with a deadline of May 18 for any formal offer to be confirmed.
The company said it was reviewing the proposal alongside advisers Morgan Stanley and Rothschild & Co. The announcement follows the launch of Evoke’s strategic review in December, when it confirmed that a possible sale of the entire business was one option on the table.
The company had been facing challenges since taking on debt to buy William Hill’s European assets from Caesar, entering the retail industry as high-street bookmakers struggled to recover after the Covid-19 pandemic. Meanwhile, its original online casino business faces the impact of the UK’s gambling tax hike.
In the past six months, Evoke has announced its exit from 13 international markets and plans to close 200 William Hill shops in the UK from May. Earlier this year, Deutsche Bank downgraded Evoke’s stock to “hold,” citing the impact of the UK tax increase. The bank cut its EBITDA forecasts for 2026 and 2027 by 12 and 18 per cent, respectively.
Bally’s already has a presence in Evoke’s home market having launched a Bally’s-branded online casino in the UK back in 2023. If completed, the acquisition of Evoke would give it three major brands – 888casino, MrGreen, and William Hill. While this could strengthen its position in the UK and Europe, including Italy where Evoke secured a licence under the new online gaming framework, the deal also carries risk given Evoke’s reported net debt of -£1.8bn in its H1 2025 results.
Bally’s Intralot has indicated that any binding offer would be subject to standard approvals and conditions, and it retains the right to adjust the terms, including the price, structure, and mix of consideration.
