Bally’s $302 Million Evoke Takeover Bid May Be Assisted by TPG

Posted on: June 1, 2026, 10:38h. 

Last updated on: June 1, 2026, 10:38h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • Private equity firm TPG rumored to be working on financing to ease Evoke’s debt burden
  • That could ease Bally’s takeover efforts for the William Hill owner

Private equity company TPG is reportedly in talks with Bally’s Intralot that could potentially smooth the latter’s acquisition overture of William Hill owner Evoke (OTC: EIHDF).

TPG is reportedly considering refinancing a portion of Evoke’s debt, which could make it easier for Bally’s to acquire the William Hill owner. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

Shares of Evoke surged in London trading amid reports the private equity shop could step up to refinance more than $1 billion in Evoke debt, potentially making it easier for Bally’s to move forward with a $302.6 million takeover of the gaming company.

Evoke has $2.4 billion in liabilities, the bulk of which was accrued through the 2022 purchase of William Hill’s international operations from Caesars Entertainment (NASDAQ: CZR). That mountain of debt is one of the primary reasons the Evoke hired Goldman Sachs and Morgan Stanley last December to explore strategic alternatives, including a possible sale.

Earlier this year, rumors circulated that given the value of William Hill brand, Evoke could garner interest from multiple American suitors, but only Bally’s has publicly expressed interest in rolling the dice on the financially strapped target.

Bally’s Could Soon Make Things Official with Evoke

In April, Bally’s and Evoke confirmed takeover talks with the two parties acknowledging the Athens-listed suitor offered 50 pence a share in an all-stock deal with what was then described as a “partial cash alternative.”

Since then, the two sides have been in exclusive talks, but TPG’s reported involvement could prove essential. An unidentified source told Sky News that the private equity firm’s success in refinancing some of Evoke’s debt, assuming that happens, could significantly increase the likelihood of Bally’s acquiring Evoke. The bell could soon toll to that effect.

Evoke announced that the board of directors has agreed to an extension to 6/8 for BALY’s to make a firm offer,” said Truist Securities analyst in a note out last month. “Evoke reiterated BALY’s potential £0.50/share all stock offer, and notes that ‘encouraging discussions’ are ongoing. Intralot management acknowledged that the company is actively pursuing this opportunity and expects to have more color in the next few days.”

Bally’s is considered Evoke’s preferred bidder.

Evoke Makes Another Important Move

Separately, Evoke made another move that may be indicative of its desire to consummate a deal with Bally’s, bringing back Janice Duncan as group finance director. She joined William Hill in 2018 and stayed there until late 2020 before moving onto Rank, meaning she wasn’t around when 888 Holdings, Evoke’s predecessor company, acquired William Hill.

Duncan acknowledged she’s joining Evoke at a crucial juncture.

“I’m excited to join Evoke at such an important time in its journey,” she wrote on LinkedIn. “The opportunity to work with talented teams, drive strategic initiatives, and help shape the next phase is one I am looking forward to with great enthusiasm.”