William Hill owner agrees £243.1million takeover by gambling giant

Evoke, the company behind William Hill and the 888 brand, has agreed to a £243.1million takeover by Greek gambling operator Bally's Intralot in a major consolidation move within the betting sector.

The Athens-listed firm is offering 52 pence per share for the British bookmaker, representing a 33.8 per cent premium on Evoke's closing share price before takeover discussions were confirmed.

The recommended all-share transaction was announced on Friday following approximately two months of negotiations between the two companies.

An initial approach from Bally's Intralot earlier this year valued the business at around £225million.

Based on current exchange rates, the acquisition values Evoke at approximately $326million.

The deal has been structured as an all-share arrangement, although shareholders will have access to a partial cash alternative capped at around £117million.

A consortium of private lenders has committed approximately £889million in financing to support the acquisition and refinance Evoke's existing debt obligations.

TPG Credit is leading the lending group alongside Oaktree and OHA as part of the refinancing package backing the takeover.

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