The Evoke takeover saga just got a serious shot in the arm. TPG Credit, the lending arm of global private equity outfit TPG, is reportedly in talks to stump up hundreds of millions of pounds to help Bally’s Intralot seal the deal on acquiring William Hill and 888’s parent company. That’s the kind of financial firepower that can shift a struggling transaction from “maybe” to “likely.”

Putting Real Money on the Table

Sky News reckons TPG could commit as much as GBP 800 million to the acquisition. The figure isn’t locked in yet, but that sort of backing changes the conversation entirely. The financing would cover part of Evoke’s existing debt load, including a EUR 600 million bond issued last year and various other borrowings.

Here’s why this matters. Bally’s Intralot, the Athens-listed hybrid created from combining Bally’s and Intralot operations, has been circling Evoke since early 2025. They tabled a 50 pence per share offer valuing the equity at around GBP 225 million. Without solid financing commitments, that proposal was always going to look shaky to Evoke’s board and shareholders.

Evoke’s Mounting Pressures

Evoke’s been having a rough ride. The UK’s recent gambling tax changes are expected to wallop the group for around GBP 125 million annually, forcing them to potentially shutter hundreds of betting shops. CEO Per Widerström hasn’t minced words calling the reforms “counter-productive and highly damaging.” Those headwinds have made the company vulnerable to a takeover.

The market’s not convinced this deal will actually land. Evoke shares closed at 37.9 pence on May 29, well below the 50 pence offer price. That gap tells you what investors really think about completion chances.

The Timeline Tightens

Bally’s Intralot has a firm offer deadline of June 8, though extensions are possible if talks continue to progress. “Constructive” negotiations are ongoing, with the proposed structure looking like an all-share deal plus a partial cash sweetener.

TPG’s involvement signals real intent from the bidder’s corner. When heavyweight lenders commit this kind of capital, it usually means they’ve done their homework and see value in the target. Whether that’s enough to convince sceptical shareholders? We’ll see.