GiG Software has completed an €8.5 million fundraising package to support its proposed acquisition of an 80% stake in 888AFRICA, a deal that would bring the B2B technology supplier back into direct consumer-facing gambling operations.
The Stockholm-listed company has agreed principal commercial terms with Virtual Emerging Entertainment Limited, an Evoke subsidiary, to acquire the majority holding for approximately €16.4 million. The transaction remains subject to final approvals and the signing of a definitive share purchase agreement.
The purchase price is structured as an initial payment of around €6 million, followed by approximately €10.4 million in deferred consideration. The remaining 20% of 888AFRICA will stay with the company’s founders, who continue to play active roles in its management.
GiG completes €8.5m capital raise
GiG initially announced plans to raise €8.5 million through a combination of a directed share issue and convertible loans. Later on 26 August, the company confirmed that the fundraising had been completed.
The share issue generated €2.5 million in gross proceeds at a subscription price of SEK1.725 per Swedish Depository Receipt. Participants included existing shareholders such as the MJ Foundation and ZJ Foundation, as well as GiG chief executive Richard Carter.
The issue will increase GiG’s total number of shares to 176.9 million and result in dilution of approximately 9%. Completion of the share subscription remains conditional on the 888AFRICA acquisition going ahead.
A further €6 million has been raised through two-year convertible loans carrying annual interest of 15%. Up to 25% of the principal may be converted into GiG securities every six months at a 10% discount to the 10-day volume-weighted average market price before each conversion notice.
GiG said the proceeds will primarily finance the initial 888AFRICA payment, with remaining funds available for general corporate purposes. The company opted for a directed issue rather than a conventional rights offering because it considered the structure faster, less expensive and better suited to securing the acquisition without exposing its listed securities to a prolonged fundraising process.
888AFRICA would restore GiG’s B2C exposure
The takeover represents a major strategic shift for GiG, which has concentrated on B2B gaming technology following the separation of its media and platform operations. GiG describes 888AFRICA as a profitable, cash-generative and fast-growing consumer gambling business operating across several African markets.
Assuming the acquisition is completed and 888AFRICA contributes for the whole fourth quarter, GiG expects the enlarged group to record 2026 revenue of €44 million to €48 million and adjusted EBITDA of between €5 million and €7 million.
The deal comes as GiG restructures its existing operations. During the first half of 2026, the company completed €4.5 million in annualised cost savings and launched another programme targeting €6 million of additional savings, partly through the closure of its white-label business and exits from the US and Philippines. GiG reported H1 revenue of €17.8 million and adjusted EBITDA of €1 million.
888AFRICA was established in March 2022 as a joint venture created to expand the 888 brand across regulated African gambling markets. It initially launched in Kenya, Tanzania, Mozambique and Zambia before expanding further.
Its expansion accelerated in 2023 through the acquisition of BetLion, a locally licensed operator in Kenya and Zambia that also added a presence in the Democratic Republic of Congo and strengthened 888AFRICA’s operational base in the region.
For GiG, gaining control of the business would combine its existing technology-focused operation with an established African B2C platform at a time when the company is positioning regulated African online gambling as an important long-term growth market.