American billionaire Kenneth Dart has submitted a mandatory public tender offer (takeover bid) for Evolution, at a price of 695 Swedish kronor (63.03 euros) per share, payable in cash, valuing the deal at around 131,700 million Swedish kronor.
The offered price matches Evolution’s share price at the close of July 24 and represents a 1.6% premium over the company’s volume-weighted average price for the last 20 trading sessions. However, the proposal is 5.7% below the stock market price of Evolution’s shares at the close of August 12.
The offer comes after Candle Lake Limited, a company controlled by Dart, raised its stake to 30.2%. Under Swedish law, if a shareholder exceeds 30% of a listed company, they must launch a tender offer.
In a statement to shareholders, Candle Lake made clear that it has no interest in acquiring the entirety of Evolution and said it launched the offer to comply with its legal obligations.
“Since its founding in 2006, Evolution has become the world leader in live casino, and Candle Lake values the quality of Evolution’s management as well as the strength of its operating platform,” the company stated.
“The offer is not intended to acquire all of Evolution’s outstanding shares,” they emphasized.
They have not been easy years for Evolution, which has faced accusations of illegal activity and difficulties amid increasingly complex and demanding regulatory environments.
Likewise, a slowdown in its growth rate has been observed, attributed in part to external operational challenges.
During the second quarter of 2026, Evolution’s revenue fell 1.2% to 517.8 million euros, compared to 524.3 million in the same period the previous year. Meanwhile, adjusted EBITDA stood at 341 million euros, below the 345.3 million recorded previously.
In addition to tax pressures in Europe, the company has recently had to deal with labor strikes at its studio in Georgia, cyberattacks in Asia, and legal disputes.
Dart’s businesses
In recent years, the heir to the family business Dart Container Corporation concentrated part of his investments in the gambling sector, after significantly reducing his stake in tobacco companies.
The Michigan-born magnate is currently the leading private shareholder of Flutter Entertainment, the British betting giant that owns brands such as FanDuel, PokerStars, and Betfair.
Flutter closed 2025 with revenue of 16.4 billion dollars, 17% more than the previous year, and an adjusted EBITDA of 2.8 billion dollars (+21%).
According to the Bloomberg Billionaires Index, Dart has an estimated net worth of 11.4 billion dollars.
In addition to gambling and tobacco investments, Dart is the sole owner and shareholder of Dart Real Estate, one of the leading real estate development companies in the Cayman Islands.
He is also the owner of the investment fund EM Limited, which sued Argentina over the bonds that defaulted in 2001 and became the first creditor to collect in 2016. It took in around 850 million dollars.
After renouncing his American citizenship in the 1990s and moving to the Cayman Islands, the businessman leads a life of extreme secrecy.