GiG Software plc, a gaming platform provider listed in Stockholm, has set its sights on acquiring an 80% stake in 888Africa, a subsidiary of Evoke, in a transaction valued at up to €16.4 million. The announcement was made on Wednesday.
Since its spinoff in 2023, GiG has focused solely on the B2B segment and is now looking to raise €8.5 million (equivalent to $9.92 million) through a directed share issue to finance this acquisition. This approach will allow the company to offer shares to selected investors rather than all shareholders, alongside convertible loan agreements.
The board favored this method over a rights issue because it allows for quicker execution, lower transaction costs, and a minimized risk of negatively affecting the market price of GiG’s securities.
The funds raised will cover an upfront payment for the acquisition, estimated to be around €6 million, with any remaining funds allocated for general corporate purposes. The deal also includes a deferred payment of approximately €10.4 million.
GiG characterized 888Africa as a “cash-generative, profitable, fast-growing B2C operator in Africa.” The company anticipates that the combined revenue of the expanded group will reach between €44 million and €48 million by 2026, with an adjusted EBITDA projected in the range of €5 million to €7 million. These projections are based on the expectation that 888Africa’s full contribution will begin in the fourth quarter of 2026.
Evoke will maintain a 20% stake in 888Africa and remain involved in its management. Simultaneously, Evoke is in the process of being acquired by Bally’s Intralot in a £243.1 million all-share deal that will integrate Evoke into Bally’s operations. Robeson Reeves, CEO of Bally’s Intralot, has expressed interest in several of Evoke’s brands and markets, including Italy, Romania, and its downsized UK retail assets. During a press briefing in June, Reeves noted that there are no current plans to divest additional Evoke assets unless an exceptionally high offer is received.
The 888Africa brand was launched in 2022 when Evoke licensed the 888 name for its African joint venture to tap into emerging market opportunities. In August 2023, 888Africa expanded its footprint by acquiring BetLion, a licensed gaming operator active in Kenya and Zambia since 2019. However, in 2025, the brand pulled back from ten African markets as part of a significant restructuring effort, which coincided with a strategic review initiated by Evoke in preparation for a sale of the group.
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