Milbank LLP advised Bally’s Intralot S.A. (ATSE: INLOT) (“Bally’s Intralot”) in connection with its recommended all-share acquisition of evoke plc (LSE: EVOK) (“evoke”), a betting and gaming company and owner of brands including William Hill, Mr Green and 888. Following the completion of the transaction, the combined group is expected to be a leading global gaming and lottery champion across six core regulated markets.
The acquisition, announced on June 5, 2026, is intended to be effected by means of a scheme of arrangement between evoke and evoke shareholders under Part VIII of the Gibraltar Companies Act, and Bally’s Intralot also reserves the right to implement the acquisition by way of a takeover offer to evoke shareholders. The consideration for the acquisition comprises newly issued Bally’s Intralot shares delivered to evoke shareholders, with a cash alternative also available subject to a cash offer cap.
Milbank also advised Bally’s Intralot on the financing arrangements supporting the acquisition, including a bridge facility of up to €200 million for the cash alternative offer, a committed second lien term facility of up to the euro equivalent of £889 million provided by institutional investors to refinance certain of evoke’s 2028 maturities, a consent solicitation in respect of evoke’s outstanding 2030 and 2031 senior secured notes and revolving credit facility to obtain change of control waivers, an increase of the evoke revolving credit facility to £220 million and a committed first lien senior facility of up to £157 million from institutional investors.
The Milbank team was led by partners Apostolos Gkoutzinis, Andrew Nuthall, Paul Buchan, Ana Grbec and Rebecca Marques; special counsel Luwam Berhane Mezue; associates Stefanos Serfas, Irene Mainar Borao, Vasujith Ram, Alexandros Makris, Aoibheann Harkin, Lipi Rawat, Gary Chu, Shonagh Cameron, Andrew Wells, Luca Mirabile and Sushmita Som; and law clerks Capucine Cusin, Federico Costantino and Jamie Chen.
The team was also assisted by Global Leveraged Finance partner, Sarbajeet Nag and associate Alex Taylor, Tax partner Alan Rafferty and associate Liam Markham; and Antitrust partner Ajal Notowicz, associate Lauren Stoddart and trainee solicitor Charlotte Faulkner.
