GiG Software has agreed a deal to acquire 80% of 888AFRICA in a deal worth €16.4m in a move which marks the supplier’s return to the B2C world.
The deal, first reported by NEXT, was confirmed by the Stockholm-listed business on Wednesday, 26 August.
GiG said it had agreed terms on a deal with Virtual Emerging Entertainment Limited, an evoke subsidiary which runs 888AFRICA.
GiG plans to carry out a directed share issue to raise the funds, as well as enter into various loan agreements. Those efforts will raise €8.5m.
GiG will pay an initial €6m for 888AFRICA, with a deferred consideration of €10.4m baked into the deal.
The remaining 20% of the venture will be “retained by the founders who are active in the management of the business”, GiG said.
Management expect the deal to concluded at the end of September.
Post-acquisition, bosses are expecting full-year 2026 revenue for the combined group of €44m to €48m and adjusted EBITDA of between €5m and €7m.
888AFRICA was launched in 2022 as a JV between 888 Holdings (now known as evoke) and five industry veterans led by former The Stars Group head Christopher Coyne.
Via its 888bet consumer brand, 888AFRICA expanded across sub-Saharan Africa at pace and snapped up local operator BetLion in August 2023 to strengthen its hand.
That summer, 888AFRICA announced it had reached more than one million players across its platform.
The business has operations in Mozambique, Kenya, Tanzania, Zambia, Malawi and Angola.
As per GiG, the business has a run rate of approximately $50m of annualised NGR, while Q2 2026 revenue for the firm was up 30%.
888AFRICA also produced more than $1m in net cash in the latest reporting period for the three months ending 30 June.
Betway, the Super Group-owned brand, has emerged a leader across the continent while other non-local firms and global giants have kept their distance.
The transaction comes against the backdrop of Bally’s Intralot preparing to snap up evoke, which owns William Hill, 888 and Mr Green in an all-share takeover worth £243m.
Evoke shareholders overwhelmingly backed the deal earlier this month, the transaction set to complete in Q1 2027.
Bally’s Intralot views the acquisition of evoke as a significant leg up in its UK ambitions, while significantly ramping up its European presence beyond its current small Spanish base.
For GiG, the business is set to return to the B2C world for the first time since 2020 when it sold its remaining consumer-facing assets to Betsson.
The Guts, Kaboo, Rizk and Thrills brands were sold to Betsson for an initial consideration of €22.3m.
Since the divestment, GiG also split its sports betting supplier and affiliate arm into two separate listed businesses.
Elsewhere, GiG announced a 5% dip in Q2 revenue to €8.8m, mainly due to the insolvency of Richmond Atlantic – the venture behind the failed ITV real-money gaming offering.
Adjusted EBITDA dipped from €1m to €800,000, while operating losses widened from €3.7m to 6.9m
Richard Carter, GiG CEO, said: “888AFRICA is a cash-generative, profitable, fast growing African B2C operator with a market leading position in Mozambique and operations in Angola and Tanzania.
“Africa’s online gambling sector offers and unparalleled long-term growth opportunity, driven by demographic, mobile and regulatory tailwinds that few other regions can match.
“We believe this combination will sharpen our focus, concentrating our resources on a defined portfolio of partners and supported by deeper operator and product expertise from the 888AFRICA team, allow us to deliver a higher quality, more responsive and more tailored service to our customers.”
Evoke has yet to comment on the deal.
The post GiG to acquire 80% of 888AFRICA in deal worth €16.4m first appeared on EGR Intel.
Supplier returns to the B2C sector for the first time in six years and plans to raise more than €8m via share issues and loans to snap up four-year-old operator
The post GiG to acquire 80% of 888AFRICA in deal worth €16.4m first appeared on EGR Intel.