evoke (LSE:EVOK) shares jumped 10.3% to 44.1p, after Bally's Intralot agreed a recommended all‑share acquisition of the William Hill and 888 owner, valuing the company at about £243.1m.
An optional cash alternative is offered, priced at 52p and subject to a £117.1m cap,
Intralot frames the deal as creating a scaled pan‑European B2C gaming champion, strengthening its UK position via William Hill and 888, combining evoke's customer base with Intralot's Vitruvian data platform and targeting c.£180m of pre‑tax cost and capex synergies by the end of year two.
Mark Summerfield, evoke chairman, said: "the agreed terms represent the most attractive and deliverable outcome for evoke shareholders."
The transaction is conditional on shareholder approvals and multiple regulatory clearances including antitrust and gaming licences, and is expected to occur in Q4 2026 or Q1 2027.
Friday's statement noted pro‑forma metrics for a combined group, which it said would equate to FY25 net revenue of €3.2bn and adjusted EBITDA of €856m, a c.27% adjusted EBITDA margin.
