Evoke shareholders have overwhelmingly approved the proposed acquisition of the company by Bally’s Intralot for £243 million ($328 million), marking a significant milestone for the deal.

During a court meeting on Monday (August 17), 99.91% of Scheme Shares voted in favor of the transaction, with 268.2 million votes supporting the deal and only 236,504 votes against it.

Furthermore, a separate general meeting also saw a decisive approval, with 99.63% of votes cast supporting the special resolution necessary for the acquisition to proceed.

William Hill and 888 owner, Evoke, stated that several antitrust and regulatory conditions have been met.

With the shareholder votes in, Bally’s Intralot’s acquisition of Evoke now moves into its final phase after it was initially agreed upon by both boards in June.

The remaining steps involve minor additional approvals and a final sanction from a Gibraltar court, with a hearing expected in Q4 2026 or Q1 2027. The deal is anticipated to be finalized during the same period.

Debt Adds Urgency to Evoke Deal

The shareholder vote was a crucial milestone for the transaction.

During Evoke’s H1 earnings call, CEO Per Widerström mentioned that the acquisition was progressing according to plan, with the board unanimously recommending the offer following a strategic review.

The company’s significant net debt of approximately £1.8 billion ($2.4 billion) played a significant role in supporting the transaction. CFO Sean Wilkins highlighted the debt as a key constraint on Evoke, emphasizing that the Bally’s Intralot deal offers a path to a sustainable capital structure.

In H1, Evoke reported revenue of £887.5 million ($1.2 billion), showing a slight year-on-year decrease. Adjusted EBITDA also fell by 10% to £150.2 million ($203 million), partly due to an additional gaming duty burden of £46 million ($62.2 million).

UK Tax Pressure Hits Both Companies

The acquisition aligns with the context of both companies facing higher UK gambling taxes.

Bally’s Intralot reported a nearly 16% decline in Q2 adjusted EBITDA compared to the previous quarter, reaching €84.6 million ($98.1 million).

The company estimated that the increase in UK remote gaming duty resulted in a €34 million ($39.4 million) reduction in quarterly EBITDA.

Despite this impact, Bally’s Intralot achieved its highest-ever UK online revenue in the quarter, reflecting a 5.3% increase over the previous quarter. Management pointed out that growth and cost reductions helped offset around 65% of the tax impact.

During the Q2 update, the group indicated that regulatory reviews of the Evoke acquisition were progressing.

Ahead of the recent vote, more than 40% of Evoke’s capital had already shown support for the deal.

The next major stages involve securing remaining regulatory clearances before seeking final approval from the court.