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