Rumors Coming True: TPG Emerges as Key Backer in Proposed Evoke Takeover

A significant financing partner is being lined up to support the proposed acquisition of Evoke, the gambling group behind William Hill and 888, in a move that could visibly boost the chances of a deal going ahead.

The news follows March’s rumors of an imminent takeover announcement following Evoke’s call to postpone its FY 2025 results to April 29, 2026.

TPG Credit Could Assist Bally’s Takeover

TPG Credit, part of the global private equity firm TPG, is reportedly in discussions to provide hundreds of millions of pounds in financing to help fund a takeover by Bally’s Intralot. 

According to Sky News, sources familiar with the matter said the lender could commit as much as GBP 800 million ($1.07 billion), but the final amount has not yet been determined.

The financing would be used in part to refinance Evoke’s existing debt obligations. The London-listed company issued a EUR 600 million ($696.8 million) bond last year and also carries additional borrowings, including a revolving credit facility with a group of lenders.

TPG’s potential backing is seen as a significant development, as access to this type of funding could considerably simplify Intralot’s work to complete the transaction at a time when Evoke keeps facing financial and regulatory pressures.

Months-Long Pursuit 

Bally’s Intralot, which is listed in Athens, has been pursuing Evoke for several months and confirmed in April that formal discussions were underway. The company was created through the combination of Bally’s International Interactive business and Intralot.

Evoke has dealt with a serious of challenges over the past year, ranging from a major debt to the effects of recent changes to UK gambling taxation, which are expected to significantly impact operations. 

The group has indicated that the reforms could force the closure of hundreds of betting shops across the country.

Chief executive Per Widerström has been particularly vocal about the measures, describing the tax increases as “counter-productive and highly damaging.”

The expected GBP 125 million ($168 million) impact from the tax changes also prompted the company to withdraw its medium-term financial guidance.

Bally’s Intralot has proposed a 50 pence per share offer, valuing Evoke’s equity at around GBP 225 million ($302.5 million). However, investor confidence remains cautious. Evoke shares closed at 37.9 pence on Friday, May 29, suggesting the market remains uncertain that a transaction will ultimately be completed.

“Constructive” talks between the two companies are ongoing, with Evoke recently confirming that the proposal “is expected to comprise an all-share combination with a partial cash alternative.”

The current deadline for Bally’s Intralot to make a firm offer stands at June 8, although another extension could be in the books if negotiations carry on.