GiG Completes €16.4m Acquisition of 80% of 888AFRICA

GiG Software has completed its acquisition of an 80% stake in 888AFRICA, the B2C operator with a market-leading position in Mozambique and licensed operations in Angola and Tanzania. The company confirmed completion on 1 October 2026 in a release on Nasdaq Stockholm, three days after signing the share purchase agreement.

The total consideration is €16.4m. GiG paid €6.1m on completion, and the remaining €10.3m is payable in instalments over the following 10 months. The seller is Virtual Emerging Entertainment Limited, a subsidiary of Evoke plc, the group behind 888, William Hill and Mr Green. The founders, who are active in running the business, keep the other 20%.

Total consideration for 80%

€16.4m

Annualised NGR run rate

~$50m

Year-on-year growth, Q2 2026

30%

A B2B platform buys its own B2C operator

GiG builds and runs iGaming technology for operators: platform, sportsbook, data and compliance tooling, from its base in Malta. Buying 888AFRICA puts a working consumer brand on that platform. GiG’s own words are that the deal “adds immediate scale, geographic diversification and product leadership to the GiG platform, providing entry into high-growth, regulated African markets through an established operator with an existing player base and licences.”

That is the core of the logic. Licences and an active player base take years to build in a new market. Buying them means GiG starts with revenue on day one rather than waiting for a market launch, and its platform gets a large, live operator to run on.

Grown from start-up to about $50m NGR since late 2022

The share purchase agreement release sets out how fast 888AFRICA has grown. It launched as a start-up in late 2022 and now runs at about $50 million of annualised net gaming revenue (NGR). In the second quarter of 2026 it grew revenue 17% on the previous quarter and 30% on the same quarter a year earlier.

Profitability is moving the same way. Adjusted EBITDA margin rose to 13% in Q2 2026 as cost actions took effect, and the business generated more than $1 million of net cash in that quarter alone. GiG describes it as “a profitable, high-growth African B2C operator”.

Funded by an €8.5m raise announced in August

GiG first disclosed the deal on 26 August 2026, when it announced a fundraising of €8.5m through a directed share issue and convertible loans, split roughly 70/30 between equity and loans. The net proceeds were earmarked for the initial payment for 888AFRICA and general corporate purposes. The board chose a directed issue over a rights issue because it could be completed quickly, at lower cost, and let the company “act swiftly on the opportunity”.

In the same release GiG gave guidance for the enlarged group: combined revenue of €44-48 million and adjusted EBITDA of €5-7 million for FY 2026, assuming a full contribution from 888AFRICA in the fourth quarter.

1. 26 August 2026GiG announces an €8.5m fundraising and agreed principal terms with Evoke’s VEEL for 80% of 888AFRICA.
2. 28 September 2026GiG signs the binding share purchase agreement for €16.4m.
3. 1 October 2026Completion. €6.1m paid; €10.3m to follow over 10 months.

What it shows about gambling M&A in 2026

The deal sits on two clear lines in the market. First, large listed groups are tidying their portfolios: Evoke sold a majority of a fast-growing regional brand to a buyer that wants exactly that asset. Second, B2B suppliers are buying operators to put volume on their own platforms. GiG now earns from both sides: the technology and the players.

The structure is worth noting for owners. A founder-run operator kept 20%, the founders stay in management, and most of the price is paid over 10 months rather than up front. For buyers looking at emerging regulated markets, the deal shows a route in: an operator with licences, a growth record and positive cash, bought in stages and funded with a modest raise. Acquiry tracks these deals and the buyers behind them; if you run a gambling business and want to know who is buying, talk to us.