Dart's Candle Lake Launches SEK132bn Mandatory Bid for Evolution
Candle Lake Limited, the investment vehicle of billionaire Kenneth Dart, has made a mandatory cash offer for Evolution AB, a major supplier of live casino content to operators worldwide, at SEK 695 a share.
The offer values all outstanding shares in the company at approximately SEK 132 billion, Candle Lake confirmed in a statement on August 13, 2026.
Why The Offer Was Triggered
Candle Lake was required to make the bid after crossing the 30% ownership threshold under Sweden's Act on Public Takeovers on the Stock Market.
The firm disclosed on July 24, 2026 that it had acquired 2,050,000 additional shares, taking its combined holding to about 30.02% of Evolution's total shares and votes.
Offer Price And Terms
The offer price matches Evolution's closing share price of SEK 695 on July 24, 2026, the last trading day before Candle Lake's disclosure. Candle Lake said this represents a premium of around 1.6% to the volume-weighted average price of SEK 683.8 over the 20 trading days to that date.
Measured against Evolution's closing price of SEK 737.2 on August 12, 2026, the day before the offer was announced, the SEK 695 price is a discount of about 5.7%, according to Candle Lake's own offer statement.
The Swedish Financial Supervisory Authority approved and registered the formal offer document on August 14, 2026. Shareholders whose Evolution shares are directly registered with Euroclear Sweden will receive a pre-printed acceptance form, excluding those domiciled in jurisdictions where the offer cannot legally be extended.
The acceptance period runs from August 17 to September 15, 2026 at 17:00 CEST, with settlement expected around September 23, 2026. Candle Lake said the offer is fully financed and is not driven by an intention to acquire all of Evolution's shares, leaving open the possibility that its final stake settles well below 100%.
A Compliance Step, Not Necessarily A Takeover
Under the Swedish takeover rules, Candle Lake had two options once it passed the mandatory bid threshold: launch an offer for the remaining shares or reduce its holding back below 30%.
It chose the former, a decision that keeps its stake in one of the sector's largest listed suppliers intact rather than forcing a sell-down.
Dart's Wider Industry Bets
Dart has been active elsewhere in the industry too. According to Flutter Entertainment company filings dated June 29, 2026, reported by SBC News, his stake in the Paddy Power and FanDuel owner had reached close to 29%.
Because Flutter is incorporated in Ireland, a stake reaching 30% would trigger a separate mandatory offer obligation under the Irish Takeover Panel Act, regardless of the company's London and New York listings.
Evolution's share price has been under pressure over the past year amid regulatory scrutiny of its live casino operations in some licensed markets, a factor that may have shaped Candle Lake's timing. The company did not link the offer to any specific business development in its statements.
For an investor who already controlled Evolution's largest single stake, the mandatory offer is as much a compliance step as a takeover attempt. Whether Candle Lake ends up increasing its position meaningfully, or simply satisfies the letter of Sweden's takeover rules, will become clearer once the acceptance period closes in mid-September.
Operators offering Evolution's tables on online casino platforms will be watching the outcome closely. More corporate developments from across the industry are tracked on Gambling.com's news desk.
