William Hill owner Evoke has agreed a £243.1 million takeover by Greek gambling firm Bally’s Intralot.
Bosses at Evoke, which also owns the 888 brand, said they have agreed a deal worth 52p per share.
Bally’s Intralot, which is listed on the Athens stock market, had been locked in talks with Evoke for the past two months after first tabling a roughly £225 million deal.
The companies said on Friday that they think recent increases in gambling taxes in the UK and heightened competition in the country have resulted in a “opportunity for consolidation”.
In April, Evoke confirmed it was closing around 270 betting shops to help offset the impact of higher taxes.
Mark Summerfield, chairman of Evoke, said: “The combination will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth through enhanced capabilities.
“I’m confident Intralot will be a strong and supportive owner of the business, and together with the more sustainable capital structure, the combination offers the best route to deliver long-term value for our shareholders and broader stakeholders.”