Candle Lake Limited, an investment company controlled by Kenneth Dart, has announced a mandatory public cash offer to acquire all remaining outstanding shares of Evolution AB. The offer price is set at SEK695 ($72.89) per Evolution share, valuing the company at approximately SEK131.7 billion, based on 189.45 million outstanding shares (excluding about 9.78 million treasury shares held by Evolution).
For shareholders not controlled by Candle Lake, the total offer represents a value of roughly SEK90.1 billion. This move follows recent market purchases that exceeded the mandatory bid threshold mandated by Swedish takeover regulations. On July 24, Candle Lake increased its stake in Evolution to 30% by acquiring an additional 2,050,000 shares at a maximum price of SEK695 each. As of the latest announcement, Candle Lake and its controlled entities own 59,798,619 Evolution shares, representing approximately 31.56% of the outstanding shares, which means exceeding the mandatory bid threshold.
Candle Lake also has an indirect economic interest in approximately 4,037,416 shares, bringing the total interest to about 32.04%. Candle Lake stated that the offer price corresponds to Evolution’s closing price on July 24, 2026, which is approximately 1.6% higher than the 20-day volume-weighted average closing price on that date. However, the offer price represented a discount of approximately 5.7% compared to Evolution’s closing price on August 12, 2026, and a discount of 3.3% relative to the 20-day volume-weighted average price on the later date.
The acceptance period for shareholders is expected to run from approximately August 17 to September 15, 2026. If the offer is successful, settlements are projected to begin on September 23, 2026. Candle Lake described Evolution as a well-managed and highly profitable company. The company also stated that it does not plan to make significant changes to Evolution’s operations, management team, employment conditions, or operating locations. However, the company noted that if it acquires an ownership stake exceeding 90%, it will seek to delist Evolution from Nasdaq Stockholm and take it private. The offer was fully financed through available cash, liquid securities, and committed credit lines. Candle Lake described itself as its own financial investment vehicle with no operating activities.
Candle Lake began accumulating Evolution shares in mid-2024. In the six months prior to the mandatory offer, it acquired a total of 10.46 million Evolution shares. According to Nasdaq Stockholm takeover rules, Evolution’s board of directors must publish a statement regarding the offer no later than two weeks before the close of the acceptance period. Just last month, Evolution terminated a planned merger agreement with casino table games and technology provider Galaxy Gaming. CEO Martin Carlesund stated at the time that the agreement was not vital to the business but insisted that the operator would continue to work with Galaxy Gaming under existing business relationships.
This came after Evolution’s license was almost suspended in the UK following the Gambling Commission’s discovery that the company’s live casino games were offered on unlicensed websites accessible to UK consumers. For more information on gambling regulation and licensing, you can read our articles on online casino licensing and turnkey casino solutions.