Billionaire Dart Takes 5% Stake in Swedish Gaming Firm Evolution

Kenneth Dart, the billionaire investor based in the Cayman Islands, has taken a 5.27% stake in Swedish online casino group Evolution AB.

Dart, an heir to the eponymous plastic-cup fortune who has previously renounced his US citizenship, now owns 11.17 million shares in the Stockholm-based developer of internet games such as Lightning Storm and Balloon Race, according to a Thursday filing. The company has a market value of 210 billion Swedish kronor ($20 billion).

Evolution’s shares have slumped 17% this year amid questions over its revenue generation in key markets such as North America. Acquiring Galaxy ...