GiG Software has announced it will acquire an 80% shareholding in 888Africa from an evoke plc subsidiary for a total consideration of €16.4 million.
The deal marks a significant strategic shift for GiG Software, which has operated exclusively as a B2B platform provider since its spinoff in 2023.
The €16.4 million price tag is structured as an initial payment of €6 million, followed by a deferred consideration of €10.4 million payable at a later stage.
GiG Software will purchase the 80% shareholding specifically from Virtual Emerging Entertainment Limited, which is a subsidiary of evoke plc.
The remaining 20% of shares in 888Africa will continue to be held by the brand’s founders, who remain active in the day-to-day management of the business.
To fund the acquisition, GiG Software intends to raise €8.5 million through a directed share issue rather than a traditional rights issue.
The board opted for a directed share issue due to its faster execution timeline, lower transaction costs, and reduced risk of negatively impacting GiG’s securities trading price.
888Africa is active across several African markets, with its most notable success to date recorded in Mozambique, where the brand has built a strong operational presence.
The acquisition is expected to bring an EBITDA-positive business unit into GiG’s portfolio, add a major B2B customer, and open doors to the fast-developing African gambling market.
Following completion of the deal, GiG anticipates generating combined revenue of between €44 million and €48 million for the full year 2026, assuming a full 888Africa contribution across Q4.
The company also projects adjusted EBITDA of €5 million to €7 million for the full year, which represents a reduction from its previously issued guidance of €10 million to €13 million.
That revenue forecast remains consistent with the outlook GiG set out in its Q1 2026 financial report, signalling the acquisition has not fundamentally altered the company’s top-line expectations.
Adding further context to the deal, evoke plc is itself currently in the process of being acquired by Bally’s Intralot in a £243.1 million all-share transaction.
Despite that ongoing corporate transition, evoke will retain the remaining 20% stake in 888Africa and remain actively involved in the management of the business going forward.
