Stockholm-listed gaming platform provider GiG Software plc has announced plans to acquire an 80% stake in Evoke’s 888Africa, in a deal worth up to €16.4 million.
Announced on Wednesday, the group, which has been a pure B2B platform play since its spinoff in 2023, intends to raise €8.5 million ($9.92 million) to fund the brand’s acquisition, via a directed share issue.
The process will see shares offered to specific investors rather than all existing shareholders, combined with convertible loan agreements.
The board chose a directed share issue over a rights issue due to its faster execution, lower transaction costs and reduced risk of adverse impact on the trading price of GiG’s securities.
Proceeds will cover the upfront payment for the acquisition, estimated at around €6 million, with the remainder earmarked for general corporate purposes.
The purchase price includes a deferred consideration of about €10.4 million.
‘Fast-growing B2C operator in Africa’
GiG has described 888Africa as a “cash-generative, profitable, fast-growing B2C operator in Africa”. It expects the expanded group to generate a combined revenue of between €44 million and €48 million in 2026, alongside an adjusted EBITDA ranging from €5 million to €7 million.
These projections assume 888Africa’s full contribution will commence in the fourth quarter of 2026.
As part of the deal, Evoke will retain the remaining 20% stake and remain actively involved in management, although it is in the process of being acquired by Bally’s Intralot, in a £243.1 million all-share deal that will see the business absorbed into the Bally’s Intralot business.
When announcing the deal, Bally’s Intralot CEO Robeson Reeves expressed interest in a number of Evoke’s brands and markets, including Italy, Romania and even its UK retail assets, which Evoke has downsized in recent months.
Speaking to press upon announcing the acquisition in June, Reeves said there was no intention to sell off Evoke’s additional assets. Only an exceptionally high offer would alter that equation, Reeves said.
888 exits markets
The African brand was initiated in 2022 when Evoke licensed its 888 brand to the Africa-facing joint venture 888Africa to expand into the burgeoning continent.
In August 2023 it acquired BetLion, a regulated and licensed gaming operator in Kenya and Zambia since 2019, to continue its expansion in Africa.
In 2025 it retreated from 10 African markets, divesting its African operations as part of a broader business restructuring. This was weeks prior to Evoke announcing a much broader strategic review, in preparation to sell off the group.
From 2 December 2025, residents in Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nigeria, Republic of Congo, Democratic Republic of Congo and Somalia were no longer able to place bets via William Hill.
Kathryn Evans
Kathryn covers bitesize breaking news with a primary focus on EMEA and US legislation. A proud North Walian, fluent Welsh speaker and lifelong Wrexham FC fan – long before Hollywood came calling.
Original article: https://igamingbusiness.com/strategy/gig-software-eyeing-e8-5m-raise-to-acquire-888africa/
