GiG Software has completed the acquisition of a majority stake in 888AFRICA for a total consideration of €16.4m.
888AFRICA has outlined ambitions to be a ‘top three, by revenues and profits, African iGaming operator over the next five years’ following the 80% stake acquisition by GiG Software after the terms of the share purchase agreement were met.
Of the €16.4m, the initial consideration of €6.1m has been paid on completion, with the remaining €10.3m payable in instalments over the following 10 months.
The operator has high expectations for its collaboration with GiG, setting its sights on a podium position across the African continent, as the acquisition gives GiG access to Angola, Mozambique and Tanzania through 888AFRICA’s current licences.
888AFRICA said in a LinkedIn post: “Gaming Innovation Group and 888AFRICA have come together to form a new partnership with a clear ambition: to build a Top 3, by revenues and profits, African iGaming operator over the next five years.
“Together, we have the opportunity to accelerate the growth of our existing markets, enter new ones and explore merger and acquisition opportunities that can take us further, faster.
“Most importantly, GiG shares our belief in the scale of the opportunity ahead and our vision for what we can build across the continent.”
For Q2 2026, 888AFRICA reported a 17% quarter-on-quarter revenue increase and a 30% year-on-year growth, with adjusted EBITDA margin expanding to 13% as ‘cost actions take effect, generating over $1m of net cash in Q2 2026 alone’.
GiG mentioned that the 888AFRICA acquisition gives the company immediate scale, geographic diversification and product leadership to its platform, in addition to entry possibilities into high-growth and regulated markets across Africa, as well as ‘significant scale to the combined group’ with its approximately €50m annualised NGR run rate.
Cash generation and synergy upside was also spotlighted by GiG, pinpointing that ‘consistent cash generation from the combined group strengthens the balance sheet, with further upside from synergies still to be realised, including platform consolidation’.
Richard Carter, Chief Executive Officer of GiG, added: “This acquisition is a major step forward in GiG’s growth journey. 888AFRICA brings proven scale, strong market positions and significant growth momentum in some of Africa’s most attractive regulated markets.
“Together, we have an exciting opportunity to accelerate growth, expand our global reach and create substantial long-term value for the group.”