William Hill and the 888 online casino brand has been the subject of a £243 million all-stock takeover by Greek iGaming operator Bally’s Intralot.
William Hill owner Evoke held negotiations over the past two months with the Athens-based company, which operates around the globe in 39 countries such as the US and Australia.
Bally’s Intralot serves as the technology vendor for numerous national lotteries, branching out from its original service in Greece. Intralot also provide online/mobile portals, central gaming systems and point-of-sale terminals.
Evoke has been under financial pressures after their share price fell by 90 per cent over the last four years.
At the start of that period, Evoke paid £2.2 billion to buy William Hill’s network of 1,400 high street bookmakers. Headquartered in Gibraltar, Evoke has a net debt of about £1.8 billion with a market value of around £181 million.
Evoke shares rose by 15 per cent last Friday, with investors pleased by the deal with Intralot.
Intralot has had a foothold in Ireland thanks to its role as provider for the National Lottery in the Emerald Isle, but so far the Greek company has little market presence in the UK.
A spokesperson for Intralot said: “Intralot continues to believe that the UK is a highly attractive geography and the current market dislocation presents a significant opportunity for consolidation.”
