BYLOT, EVOKE: White smoke expected on FridayEvoke plcLSE_DLY:EVOKkgougakisBYLOT, EVOKE: White smoke expected on Friday, BYLOT waits, Evoke is already moving in London The Evoke case for Bally’s Intralot appears to be entering the final stretch, with information from institutional circles in London indicating that the two sides are close to an agreement. Market attention has now turned to the official announcements, as the same sources say the deal could be completed by Friday, at a price above 50 pence per share. According to the information so far, the transaction is expected to be structured mainly as a share exchange, with a partial cash alternative. This model limits the immediate cash burden and, at the same time, gives Evoke shareholders participation in the new entity. For Bally’s Intralot, this element is particularly important, as it protects its capital structure and allows the group to pursue a major asset without excessive financing risk. Evoke is not a minor player. Its portfolio includes strong brands such as William Hill, 888casino and Mr Green. Its acquisition would give Bally’s Intralot immediate access to greater scale, a stronger presence in online gaming and a broader European footprint. In a market where size, technology and geographic diversification determine valuations, this move could become a repositioning point for the group. Robeson Reeves, CEO of Bally’s Intralot, has already set the tone for management, describing the potential acquisition as a once-in-a-lifetime opportunity. He said that a combined group could generate revenue of more than €3 billion, while, if synergies are delivered, EBITDA could exceed €1 billion. This statement raises the bar and shows that management does not view Evoke as a simple acquisition, but as a transformational move. The key issue lies in the synergies. Bally’s Intralot believes that the operating model it applies to its international online activities, with EBITDA margins above 40%, can also be transferred to Evoke. If this is confirmed in practice, the agreement could significantly strengthen profitability, improve efficiency and create one of the strongest players in the European gaming and digital entertainment industry. At the same time, Evoke offers Bally’s Intralot greater diversification. Its presence in markets such as the United Kingdom, Spain and Romania could gain new strategic value, especially at a time when companies in the sector are seeking scale, better cost structures and more stable revenue sources. Geographic spread, once viewed by the market with caution, could now develop into an advantage. The development could also have a positive impact on Intracom, which is closely watched by the market because of its exposure to Bally’s Intralot. If the agreement closes on favorable terms and leads to a higher valuation for the new structure, then the capital gains on Intracom’s holdings could increase. This could strengthen its net asset position and improve the image of its portfolio. The stance of Bally’s Intralot CEO Robeson Reeves is also of particular interest. He appears positive toward new acquisitions, provided they create value and do not place excessive pressure on the group’s capital structure. According to market information, the Greek market is also being examined for a possible strategic move, a development that has already raised the temperature on the board. Investors are trying to identify what the next deal could be, with specific scenarios circulating strongly in stock market circles and giving fresh interest to shares linked to gaming, technology and holdings. On the board, BYLOT’s picture points to an accumulation phase, with the stock moving in a narrow range and the market waiting for the “white smoke” that could trigger the next upward move. This stance shows that investors are closely monitoring developments, while the positive expectation has not been lost so far. On the other side, Evoke has already reacted upward to the information that the long-awaited deal could close above 50 pence per share, with the stock reaching levels above 40 pence in yesterday’s session. This reaction shows that the market is pricing in higher chances of an agreement, and possibly on terms better than those initially reflected in valuations.