Kenneth Dart's Candle Lake Crosses Mandatory Bid Threshold for Sweden's Evolution

Dow Jones07-27 15:01

Billionaire U.S. investor Kenneth Dart has raised his stake in Swedish gaming group Evolution to around 30.02%, passing the threshold that requires the launch of a mandatory takeover offer.

Dart, through his Cayman Islands-based Candle Lake, has acquired 2.05 million shares in Evolution, which brings his total holding to 59.8 million shares, according to a disclosure notice late Friday.

Candle Lake now has four weeks to either submit a bid for the remaining shares or reduce its holding to below 30%, according to Swedish takeover rules.

Evolution, which provides online games and the technology behind online casinos, didn't immediately respond to a request for comment.

Candle Lake also owns around 28% of online sports betting and gaming company Flutter Entertainment.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

July 27, 2026 03:01 ET (07:01 GMT)

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