GiG Software has outlined plans to acquire a majority stake in 888Africa, a transaction that would bring the company back into the business-to-consumer gambling sector after several years focused solely on B2B operations.
The Stockholm-listed supplier announced on 26 August that it had reached agreement on the principal commercial terms to purchase 80% of 888Africa from Virtual Emerging Entertainment Limited (VEEL), a subsidiary of evoke plc. The proposed transaction values the stake at approximately €16.4 million and remains subject to approvals and the signing of a share purchase agreement.
Under the proposed structure, GiG will pay an initial consideration of around €6 million, while a further €10.4 million will be paid as deferred consideration. The remaining 20% of 888Africa will stay in the hands of the company’s founders, who will continue to participate in the management of the business.
888Africa operates in several African jurisdictions and has established a presence across the continent since its launch. Industry reports have indicated that Mozambique has been among its strongest-performing markets.
Fundraising Planned to Support Transaction
Alongside the acquisition announcement, GiG revealed plans to raise €8.5 million through a combination of a directed share issue and convertible loan agreements.
According to the company, the proceeds will be used to fund the upfront acquisition payment and support general corporate activities. GiG expects the fundraising package to be structured with approximately 70% equity and 30% convertible loans, although the final allocation may vary depending on investor participation.
The board opted for a directed share issue rather than a traditional rights issue. The company stated that this approach would allow it to complete the capital raise more quickly, reduce transaction expenses and secure funding within a timeframe that supports the acquisition process.
The share issue will be conducted under existing authorizations that permit the board to issue shares with deviation from shareholders’ preferential rights. GiG said the subscription price and final number of securities issued will be determined through an accelerated process based on prevailing market conditions.
Return to Consumer-Facing Gambling Operations
The acquisition marks a strategic shift for GiG, which has operated exclusively as a B2B platform provider since its separation from Gentoo Media in 2023.
The company has faced a difficult financial period since the split, having yet to report a profitable quarter. Industry sources previously suggested that bringing 888Africa into the group could provide GiG with an EBITDA-positive business unit while also strengthening relationships with a significant B2B customer and expanding its exposure to African gaming markets.
GiG described 888Africa as a “cash-generative, profitable, fast-growing B2C operator in Africa”. Based on the proposed transaction, the company expects the combined business to generate revenue between €44 million and €48 million during the 2026 financial year, assuming 888Africa contributes fully during the fourth quarter. Adjusted EBITDA is forecast to reach between €5 million and €7 million.
The revenue outlook remains consistent with guidance previously issued in GiG’s first-quarter results. However, the EBITDA forecast is below the company’s earlier full-year expectation of €10 million to €13 million.
Investor reaction to the announcement was muted. Following the publication of the acquisition plans and the company’s second-quarter results, GiG’s share price fell by approximately 20% to SEK1.38.
888Africa’s Recent Development and Ownership Changes
888Africa was established in 2022 when evoke licensed the 888 brand to a joint venture focused on African markets. The business expanded further in August 2023 through the acquisition of BetLion, a licensed operator active in Kenya and Zambia since 2019.
The African venture also underwent significant changes in 2025. As part of a wider restructuring effort, evoke withdrew from 10 African markets and divested parts of its African operations. The move came shortly before the company initiated a broader strategic review ahead of its eventual sale process.
Residents in Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nigeria, the Republic of Congo, the Democratic Republic of Congo and Somalia lost access to William Hill betting services from 2 December 2025 as part of those changes.
The deal also arrives during a period of transition for evoke itself. The company is currently being acquired by Bally’s Intralot through a £243.1 million all-share transaction. Under the proposed GiG acquisition, evoke’s subsidiary VEEL would exit its majority position in 888Africa while the founders retain their minority holding and management responsibilities.
GiG said it will provide further details on the fundraising and acquisition process once definitive agreements have been executed and the capital raise has been completed. The company expects to announce the outcome of the share issue and convertible loan arrangements in a subsequent update.