Published on: June 1, 2026, at 10:38 AM.
Updated on: June 1, 2026, at 10:38 AM.
- TPG Private Equity is reportedly negotiating financing to relieve Evoke’s debt pressures.
- This financial maneuver could facilitate Bally’s attempt to acquire the owner of William Hill.
TPG, a private equity firm, is said to be in discussions with Bally’s Intralot that could potentially streamline Bally’s takeover initiative of Evoke (OTC: EIHDF), the parent company of William Hill.
In response to speculations, Evoke’s stock price rose in London amidst rumors that TPG could step in to refinance upwards of $1 billion in Evoke’s debt, potentially paving the way for Bally’s proposed acquisition valued at $302.6 million.
Evoke currently carries $2.4 billion in debts, primarily from its 2022 acquisition of William Hill’s international assets from Caesars Entertainment (NASDAQ: CZR). This significant debt load compelled Evoke to engage Goldman Sachs and Morgan Stanley in December to consider strategic options, including a potential sale.
Earlier this year, it was suggested that Evoke’s valuable William Hill brand might attract several American buyers; however, only Bally’s has openly declared interest in acquiring the financially troubled company.
Bally’s May Finalize Deal with Evoke Soon
In April, Bally’s and Evoke confirmed that they were in negotiations, with Bally’s making an all-stock offer of 50 pence per share, accompanied by a partial cash alternative.
Since then, exclusive discussions have been ongoing, though TPG’s involvement could be crucial. An anonymous source revealed to Sky News that any success TPG achieves in reducing Evoke’s debt could significantly enhance Bally’s chances of completing the acquisition. A resolution may be imminent.
Evoke announced that the board agreed to extend the timeline to June 8 for Bally’s to submit a firm proposal. “Evoke reiterated the potential £0.50/share all-stock offer and mentioned ‘promising discussions’ are underway. Intralot management confirmed they are actively pursuing this opportunity and anticipate providing additional updates in the upcoming days,” stated a Truist Securities analyst.
Bally’s remains the primary contender for Evoke.
Evoke Takes Another Key Step
In another significant move, Evoke has reinstated Janice Duncan as group finance director. Duncan, who previously joined William Hill in 2018 and transitioned to Rank before its acquisition, arrives at a pivotal time for the company.
Duncan has expressed her enthusiasm about returning to Evoke.
“I am thrilled to be joining Evoke during such a critical moment in its path,” she shared on LinkedIn. “I look forward to collaborating with talented teams to drive strategic initiatives and contribute to shaping the forthcoming phase with great excitement.”