TPG Credit in Talks to Back Hundreds of Millions in Financing for Evoke Takeover, Sky News Reports

One of the world’s largest investment firms is being lined up to help finance a potential takeover of Evoke (LON: EVOK), the London-listed gambling company that owns William Hill and 888.

According to a report from Sky News, an arm of TPG, the US private equity giant, is in talks to provide hundreds of millions of pounds to help refinance Evoke’s borrowings.

It was reported that TPG Credit could commit as much as £800 million as part of a deal for Bally’s Intralot — the Athens-listed gaming operator — to acquire Evoke, though sources cautioned that the final figure could be lower.

The involvement of TPG Credit, which includes the Angelo Gordon credit business acquired by TPG in 2023, is seen as a significant boost for Bally’s Intralot’s bid prospects. According to Sky News, analysts believe the financing firepower would “strongly increase the chances” of the Greek-based suitor succeeding with its offer for the UK company.

Evoke, which is heavily indebted, has been grappling with the impact of the UK government’s tax reforms on the gambling sector. Sky noted that the company abandoned its medium-term financial guidance to investors following a £125 million tax hit stemming from Chancellor Rachel Reeves’ Budget last November.

Bally’s Intralot’s prospective offer values Evoke’s equity at just £225 million, at 50 pence per share — a figure that reflects the stock’s weak performance in recent years. A deadline for a formal offer has been extended to 8 June, with a further extension potentially on the cards.