Cayman Islands-registered investment firm Candle Lake has offered to buy Swedish live-dealer supplier Evolution for $13.8bn, according to Reuters. The firm is owned by billionaire Kenneth Dart.
Candle Lake valued Evolution at 695 kronor per share, 5.7% below Wednesday's closing price of 737.2 kronor. The company said it does not intend to acquire all shares. In July Candle Lake announced it had bought just over 30% of Evolution's shares and votes, automatically triggering a mandatory offer for the remaining stock under Swedish law.
The figure exceeds the $12.5bn that venture capitalist John Kusher and former Disney CEO Bob Iger recently paid for the Los Angeles Lakers, the most expensive sports-team sale on record. Candle Lake began investing in Evolution in 2024.
Evolution is one of the largest live-dealer providers for online casinos. It trades on Nasdaq Stockholm and works with operators worldwide. The offer remains voluntary for minority shareholders, but crossing the 30% threshold makes it mandatory under Swedish rules.
