Investment vehicle Candle Lake has launched a mandatory cash offer for all outstanding shares in Evolution.  The offer follows Candle Lake crossing Sweden’s mandatory bid threshold in July 2026 – see more details:

• Candle Lake is a Cayman Islands-based investment vehicle wholly owned by investor Kenneth Dart and has no operating business of its own. It began investing in Evolution through Nasdaq Stockholm purchases in mid-2024 and has continued building its position since then.
• Candle Lake is offering SEK 695 (ca. EUR 63) in cash for each Evolution share, valuing all 189.4 million outstanding shares at approximately SEK 131.7 billion (ca. EUR 12 billion). The total value of shares not already controlled by Candle Lake is around SEK 90.1 billion (ca EUR 8.2 billion). The offer price is 5.7% below Evolution’s SEK 737.2 (ca. EUR 66) closing price on 12 August.
• Candle Lake currently controls 59.8 million Evolution shares, equal to about 31.56% of outstanding shares and voting rights. Its total financial exposure rises to around 32.04% when cash-settled total return swaps are included. The Evolution takeover offer became mandatory after Candle Lake crossed the 30% ownership threshold on 24 July.
• Candle Lake said it sees Evolution as a long-term financial investment and does not intend to acquire all outstanding shares through the offer. It currently plans no material changes to Evolution’s operations, sites, management or employees. Evolution provides B2B online casino solutions to more than 800 operators across Europe, Asia and the Americas.
• The acceptance period is expected to run from 17 August to 15 September 2026, with settlement scheduled to start on 23 September. If Candle Lake eventually controls more than 90% of Evolution, it intends to start compulsory redemption proceedings and seek a delisting from Nasdaq Stockholm. The offer is fully secured through cash, liquid securities and credit facilities.

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