GiG Software plc, a company traded on the Stockholm stock exchange, has revealed its intention to acquire an 80% stake in Evoke's 888Africa in a deal valued at up to €16.4 million.
This announcement was made on Wednesday. Since its separation in 2023, GiG has focused exclusively on a business-to-business (B2B) platform model and now seeks to raise €8.5 million (approximately $9.92 million) to facilitate this acquisition through a directed share offering.
The share offering will target specific investors rather than all existing shareholders and will include convertible loan agreements. The board opted for this approach due to its quicker execution, lower transaction costs, and less risk of adversely affecting GiG’s stock trading price.
The funds raised will primarily cover the upfront payment for the acquisition, estimated at about €6 million, while the remaining amount will be allocated for general corporate purposes.
The total purchase price includes a deferred consideration of roughly €10.4 million.
GiG has characterized 888Africa as a "cash-generative, profitable, fast-growing B2C operator in Africa." The company anticipates that the combined revenue from the expanded group will range from €44 million to €48 million by 2026, with an adjusted EBITDA expected to fall between €5 million and €7 million. These estimates are based on the assumption that 888Africa will fully contribute to revenues beginning in the fourth quarter of 2026.
Evoke will retain a 20% stake in 888Africa and will continue to play an active role in management. This comes in the context of Evoke being in the process of its own acquisition by Bally's Intralot in a £243.1 million all-share transaction, which will integrate Evoke into Bally's Intralot operations.
Speaking about the acquisition, Bally's Intralot CEO Robeson Reeves expressed interest in various Evoke brands and markets, including Italy, Romania, and the UK retail assets that Evoke has downsized recently. During the acquisition announcement in June, Reeves stated that there were no plans to sell Evoke's additional assets unless an exceptionally high offer arose.
Initially launched in 2022, the African brand emerged when Evoke licensed its 888 brand to the joint venture 888Africa to tap into the growing African market. In August 2023, the brand expanded by acquiring BetLion, a licensed gaming operator active in Kenya and Zambia since 2019.
However, in 2025, it withdrew from ten African markets, divesting its operations there as part of a larger restructuring. This decision came shortly before Evoke initiated a broad strategic review to prepare the group for sale.
As of December 2, 2025, residents of Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nigeria, Republic of Congo, Democratic Republic of Congo, and Somalia were no longer able to place bets through William Hill.
