BALY · Bally's Corporation

Bally's Corporation disclosed that its majority-owned subsidiary, Bally's Intralot S.A. (59.44% owned as of March 31, 2026), has entered into a Cooperation Agreement to acquire Evoke PLC, a Gibraltar-incorporated company listed on the London Stock Exchange. The acquisition is structured as a recommended all-share offer, with Evoke shareholders receiving 0.537 new Bally's Intralot shares for each Evoke share, implying a value of approximately 52 pence per share and an equity value of about £243.1 million. A cash alternative of 52 pence per share is available, capped at £117.1 million. The transaction will be implemented via a scheme of arrangement under Gibraltar law, requiring approval from Evoke shareholders, Bally's Intralot shareholders (including a resolution to authorize new share issuance), and various regulatory clearances including gaming and antitrust. Bally's Corporation has agreed to exercise its voting rights in Bally's Intralot in favor of the resolutions, signaling strong support. Financing for the cash alternative and refinancing of Evoke's debt includes a €200 million bridge facility, a second lien term facility of up to EUR equivalent of £889 million, and a £157 million senior facility. The acquisition is expected to close between the fourth quarter of 2026 and the first quarter of 2027. For investors, this represents a significant strategic move by Bally's Intralot to expand its footprint, potentially enhancing Bally's Corporation's stake value. However, the deal is subject to multiple conditions and may face regulatory hurdles.