GiG Software plc, a gaming platform provider listed in Stockholm, is poised to acquire an 80% stake in Evoke's 888Africa in a deal worth up to €16.4 million. This announcement was made on Wednesday. Following its spinoff in 2023, GiG has exclusively operated as a B2B platform and is now looking to raise €8.5 million ($9.92 million) through a directed share issue to facilitate the acquisition.
The directed share issue will offer shares to select investors rather than all current shareholders, supplemented by convertible loan agreements. The board opted for this route over a rights issue for its quicker execution, lower costs, and minimized risk of negatively affecting GiG's stock price.
The funds raised will provide the initial payment for the acquisition, projected to be around €6 million, while the balance will be allocated to general corporate expenses. The total purchase price includes a deferred payment of approximately €10.4 million.
GiG has referred to 888Africa as a “cash-generative, profitable, fast-growing B2C operator in Africa.” It anticipates that by 2026, the newly combined entity could achieve revenue between €44 million and €48 million, with an adjusted EBITDA of €5 million to €7 million. These estimates presume that 888Africa will fully contribute by the fourth quarter of 2026.
Under the terms of the acquisition, Evoke will retain a 20% stake in the business and will continue to play an active role in its management. This comes even as Evoke is in the process of being acquired by Bally’s Intralot in a £243.1 million all-share transaction. Bally's Intralot CEO Robeson Reeves has indicated a keen interest in several of Evoke's brands and markets, such as Italy and Romania, as well as its downsized UK retail assets. Despite this interest, Reeves confirmed that there are no plans to sell Evoke's additional assets unless an exceptionally high offer is presented.
888Africa was launched in 2022 when Evoke licensed its brand to this Africa-focused joint venture, aiming to tap into the continent's growing gaming market. In August 2023, the venture acquired BetLion, a regulated operator in Kenya and Zambia since 2019, marking a significant step in its expansion efforts within Africa.
However, by 2025, 888Africa exited from ten African markets amid a major business restructuring. This shift occurred shortly before Evoke announced a comprehensive strategic review in preparation for the sale of the group. Consequently, from December 2, 2025, residents in ten countries, including Angola and Kenya, were no longer able to place bets via William Hill.
