ZEAL Expands into the UK Market Through SevenCanyon Acquisition

Research evidence excerpt

ZEAL Expands into the UK Market Through SevenCanyon Acquisition

Germany | European Midcaps

ZEAL Network EquityJulyResearch9, 2026

FIRST VIEWZEAL Expands into the UK Market Through

RATING BUYSevenCanyon Acquisition

PRICE €43.20^

Conclusion

ZEAL has signed a share purchase agreement to acquire the remaining PRICE TARGET | % TO PT €75.00 | +74%

96.5% of the shares in SevenCanyon, in which ZEAL already holds a 52W HIGH-LOW €52.80 - €41.70

3.5% stake since 2018. With this acquisition, ZEAL is entering the UK FLOAT (%) | ADV MM (USD) 48.8% | 0.14

market, gaining access to Europe’s largest and growing market for digital MARKET CAP €967.5M | $1.1B

prize draw offerings. SevenCanyon operates established UK prize draw TICKER TIMA GR

^Prior trading day's closing price unless otherwise

platforms, including 7days Performance, Redline Competitions and UK Carp noted.

Competitions. This market segment comprises digital prize draws and

offerings with non-cash prizes such as houses and cars. The transaction

aligns with ZEAL’s strategy to selectively diversify its business via new

products and markets. It also provides an opportunity to further scale

its UK operations by leveraging ZEAL’s strengths in customer acquisition,

monetisation, retention, data analytics, regulatory expertise, and platform

operations. ZEAL also expects increasing formalisation of the UK prize draw

market, which should benefit compliant and experienced operators.

Detail

Purchase price and financing: The transaction comprises a cash

consideration of c.GBP33.8m for the remaining 96.5% stake (subject to

customary completion adjustments, including e.g. vehicle inventory), plus

an earn-out of up to GBP4.8m payable within six months of completion.

The acquisition is financed through a €40m term loan with a seven-year