Platform provider GiG Software is close to acquiring an 80% stake in 888Africa from evoke. The deal would return GiG to the sports betting business six years after it sold its consumer-facing brands to Betsson Group.
evoke, owner of William Hill, is seeking a buyer amid difficulties with its own sale to Bally's. The company is asking €20–30 million for the package, structured as 20% direct ownership and a convertible loan for the remainder. The remaining 20% is held by 888Africa management, which wants to close before the evoke-Bally's transaction completes or their options lose value.
888Africa launched four years ago under Christopher Coyne, former senior executive at Paddy Power and Stars Group. The operator recently turned EBITDA-positive, with its main success in Mozambique and a presence in Angola and other markets.
GiG Software has been loss-making since splitting off affiliate business Gentoo Media, posting a €5.2 million after-tax loss in Q1. The company has cut staff and closed several operations. Sources believe financing will come from the Juroszek family, which owns 24.69% of GiG and previously sold STS Holdings to Entain.
The acquisition would add a profitable asset, improve the balance sheet and give GiG access to African markets. CEO Richard Carter has called Africa a promising region for strategic partnerships. The deal is expected in late September or early October. GiG's market capitalisation stands at around €30 million, making it a potential delisting target.
