GiG completes the purchase of 80% of 888AFRICA for 16.4 million and aims for the African top 3
The technology company completes the acquisition of the majority of the African operator, with a regulated presence in Mozambique, Angola and Tanzania, and sets a goal of being among the three largest iGaming operators on the continent by revenue and profits in the next five years.
Gaming Innovation Group (GiG) Software has completed the acquisition of 80% of 888AFRICA for a total amount of €16.4 million, culminating an operation that had been announced at the end of August and formalized by binding agreement at the end of September.
The payment structure includes 6.1 million euros paid at the end of the year and another 10.3 million euros to be paid in different instalments over the next ten months.
The transaction represents a major change in GiG's profile. The company, traditionally focused on B2B technology for operators, now incorporates a B2C asset with real scale in Africa and direct access to regulated markets.
888AFRICA has a leading position in Mozambique and also has licenses in Angola and Tanzania. The company has an annualized rate of NGR close to 50 million dollars, according to data reported by GiG.
The goal is ambitious. The new structure aims to become one of the three largest iGaming operators in Africa by revenue and profit over the next five years.
Richard Carter, CEO of GiG, defines the transaction as a decisive step in the company's growth strategy and highlights that 888AFRICA brings scale, consolidated positions and strong growth potential in some of the most attractive regulated markets on the continent.
