American billionaire Kenneth Dart, the largest shareholder of Evolution, has crossed the threshold of a mandatory offer of 30% under Swedish public acquisition law. His company, Candle Lake, registered in the Cayman Islands, announced the purchase of 2.05 million shares, bringing its total stake, along with related entities, to 30.02% of the shares and votes.
Candle Lake now has four weeks to either make an offer to buy all remaining shares or reduce its stake below 30%.
According to EFN, based on Friday's purchase price, the mandatory offer would amount to $14.2–14.4 billion, making it one of the largest in the history of the Stockholm Stock Exchange. Since the end of March, Dart has held an exposure of over 30% through swap agreements, which do not fall under the mandatory offer rule, and only crossed the threshold by purchasing the actual shares.
The investor has been increasing his stake in Evolution since August 2024, without revealing his intentions or seeking a position on the board of directors. Dart is also the largest shareholder of Flutter, which operates brands like FanDuel, Paddy Power, Sky Bet, PokerStars, and Sisal.
Evolution declined to comment on the shareholder's move when approached by EFN. Following the announcement, the provider's shares rose by 6.7% at the end of Monday's trading, marking the best performance in the OMXS30 index.