GiG Set to Acquire 80% of 888Africa for Up to €16.4 Million by End of September

GiG Software plc plans to complete its acquisition of an 80% stake in 888Africa from Evoke around the end of September. The transaction is valued at up to €16.4 million ($19.1 million) and will be funded by a €2.5 million directed share issue plus €6 million in convertible debt. It marks the company’s return to B2C operations after exiting the segment in 2023 to become a pure-play B2B platform provider, according to iGaming Business.

Group CFO Phil Richards said the deal delivers a profitable, cash-generative B2C operator in some of Africa’s fastest-growing regulated markets while creating a strategic bridgehead for GiG’s core B2B business. “That dual value is really the point of the deal,” Richards stated. He added that owning a leading local operator supplies direct insight into regulatory developments, player behaviour and payment infrastructure that is difficult to build from the outside.

Dual Value in B2C Ownership

Richards explained the acquisition is not an either-or proposition. The B2C business is expected to strengthen the B2B pipeline on the continent in the same way prior European B2C experience supported the platform proposition there. The decision rested on three factors: a corporate shift toward disciplined profitability and cash generation, a time-limited opportunity created by Evoke’s strategic evolution, and Africa’s matured regulatory, mobile and demographic tailwinds that now produce durable growth.

B2B Headwinds and Valuation Appeal

Redeye analyst Hjalmar Ahlberg noted that GiG’s B2B unit faced headwinds after the 2023 spin-off, including uncertainty around sweepstakes operators and a tier-one customer in Brazil that decided against market entry in early 2026. Ben Robinson of Corfai Capital described the €16.4 million price for 80% as cheap. It implies an enterprise value of €20.5 million against roughly $50 million run-rate NGR, 30% year-on-year growth and positive cash generation.

The asset is not a turnaround story. It holds a market-leading position in Mozambique plus growing presence in Angola and Tanzania, with continuity of management under industry veteran Christopher Coyne. Post-completion priorities centre on disciplined integration of financial reporting, compliance and operations rather than aggressive expansion. Africa remains a distinct case; the deal does not signal broader B2C re-entry elsewhere. Success will depend on execution in a market where regulatory and currency risks outweigh competitive pressure from incumbents.

Reporting: iGaming Business (iGB)

Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.