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GiG to Acquire 80% Stake in 888AFRICA for €16.4M
GiG Software has agreed principal commercial terms with Virtual Emerging Entertainment Limited to acquire 80% of the shares in 888AFRICA for €16.4m. The acquisition includes an initial consideration of €6m and deferred consideration of €10.4m.
To fund the purchase, GiG is raising €8.5m through a share issue and convertible loans. The remaining 20% of shares in 888AFRICA will be retained by the founders, who will retain an active management role in the business.
888AFRICA holds a market-leading position in Mozambique, with additional operations in Angola and Tanzania.
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