William Hill owner Evoke has agreed to a £243.1 million takeover by Greek gambling giant Bally's Intralot, marking a significant consolidation in the UK betting industry.
Executives at Evoke, which also operates the 888 brand, confirmed they have accepted a deal valued at 52 pence per share. Athens-listed Bally's Intralot had been in negotiations with Evoke for the past two months, having initially proposed a bid of approximately £225 million.
Market pressures drive consolidation
The two firms announced on Friday that recent increases in UK gambling taxes and intensifying competition within the market have created an 'opportunity for consolidation.' In April, Evoke confirmed it was closing around 270 betting shops to mitigate the impact of the higher tax burden.
Chairman comments
Mark Summerfield, chairman of Evoke, said: 'The combination will create one of the world's leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth through enhanced capabilities.'
'I'm confident Intralot will be a strong and supportive owner of the business, and together with the more sustainable capital structure, the combination offers the best route to deliver long-term value for our shareholders and broader stakeholders.'
