The target is about 30% above the shares’ September 22 close of €1.08. Barclays estimates that the deal could generate at least €210 million in annual cost and capital-expenditure synergies within two years of completion. The transaction is expected in the fourth quarter of 2026 or the first quarter of 2027, subject to court and regulatory approvals.
The broker also highlighted execution risks: integrating two large businesses within 18 months and delivering the promised savings. Bally’s Intralot had pro-forma net leverage of four times at the end of the first half of 2026, before the Evoke agreement. Barclays said higher UK gaming taxes could be partly offset by the deal, while setting its own bull and bear cases at €1.70 and €0.80.
Barclays initiated coverage of lottery operator Allwyn at Equal Weight with a €14 target, about 15% above its September 22 close. It cited a lack of near-term catalysts and uncertainty over renewal of Allwyn’s main Greek gaming concession, due to expire in 2030. These are the broker’s assessments, not guarantees of future share performance.