One of the world’s largest private equity firms is preparing to assist Bally’s Intralot in their pursuit of William Hill owner Evoke.
TPG, whose investments include Airbnb, Goal and Tata, are reportedly interested in refinancing Evoke’s debt – one of the factors that is stalling Bally’s takeover plot.
If they are agree to take on some, or all, of Evoke’s financial woes, TPG could pave the way for Bally’s Intralot to firm up a concrete bid before the revised deadline on June 8.
Helping Hand
As first reported by Sky News, TPG are reportedly willing to spend millions – with some estimates as high as £800m – on the acquisition of Evoke’s debt.
When completing the purchase of William Hill back in 2022, Evoke – formerly known as 888 holdings – saddled themselves with an enormous amount of debt.
That includes a so-called ‘revolving credit facility’ with a number of different lenders, while a £518 million debt bond was issued by Evoke in 2025.
Trading conditions are tough in the UK market, with legislative changes and a more stringent tax regime changing the landscape considerably in recent year. The announcement of Gambling Tax hikes back in November forced Evoke to call an emergency strategy meeting.
The outcome was that a sale, be it the full company or individual brands William Hill, 888 and Mr Green, was necessary. And with some of their most significant debts set to mature in 2028, Evoke is moving quickly in a bid to sell up.
Although the UK is a less attractive market than it once was, Bally’s Intralot still believe there are gains to be made – and they’re even willing to take on William Hill’s beleaguered retail empire as part of any deal.
A bid of £225 million, which values Evoke at 50p per share, is reportedly being discussed. Many investment analysts believe that figure to be fair, although it represents a catastrophic loss on the £2.2 billion that Evoke paid for William Hill just four years ago.
However, one sticking point is that Bally’s Intralot also took on debt when completing their merger last year, so need to lend on the services of a financier to get any takeover deal over the line.
If TPG agree to come on board, it will likely increase the chances of a deal being done considerably. And they may consider Bally’s Intralot to be a safe pair of hands, with the firm witnessing a 60% increase in new customers in the second quarter of 2026.
“Constructive discussions are continuing between the parties in relation to the proposal, which is expected to comprise an all-share combination with a partial cash alternative,” said the Takeover Panel of the ongoing negotiations.
Rare Kind of Business
At the time of writing, Evoke’s share price was 41.2p… with a 50p per share offer on the table, the implication is that the market is sceptical that a takeover will be completed in the near future.
Meanwhile, shares in Entain rose by some 2.5% on Monday as news of another buyout emerged.
The gambling behemoth owns a slice of MGM, the holding company behind BetMGM – in whom Entain is a 50/50 partner – and MGM Resorts.
The latter is the subject of takeover interest from People Inc, the media firm formerly known as IAC. Reports suggest that they have made a cash bid worth $48.30 per share (£35.86) for the casino and hospitality outfit.
People Inc already own 26% of the shares available in MGM, with the takeover bid enhancing their stockholding up to 50.1%.
If the takeover is agreed, it would have seemingly positive connotations for Entain, although it’s not known what their partnership with People Inc would be in BetMGM should the acquisition go ahead.
“We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities,” said People Inc chief Barry Diller.
“That conviction has only strengthened over time.”
A statement from MGM reads:
“The company’s board of directors, in consultation with its financial and legal advisors, will carefully review and consider the proposal to determine the course of action that it believes is in the best interests of the company and all of its shareholders.”
The gambling industry in North America is currently experiencing considerable change, with Caesars Entertainment – who ironically acquired William Hill’s non-European assets back in 2021 – currently the subject of a £13.3 billion takeover bid from Fertitta Entertainment.