Swedish gambling operator Cherry AB announced that it has completed the acquisition of a 49 percent stake in ComeOn Malta Ltd.
Sweden.- Cherry paid a total consideration, paid both in B-shares and cash, of €80 million for its fellow gaming company. They pointed out that the latest acquisition would strengthen its market position in the growing Scandinavian gambling market with the addition of already established brands like ComeOn, Moblibet, and Folkeautomaten. The Swedish gambling operator said that “the transaction will have an immediate positive effect on its earnings per share.”
Under the terms of the acquisition deal, Cherry will be able to purchase the remaining 51% interest in its fellow gambling company. The operator has revealed that the option may be exercised between October 1, 2016 and December 31, 2016. The overall consideration is expected to amount to a maximum of €280 million.
Cherry CEO Fredrik Burvall said that now that the transaction has been completed, the two companies will fusion efforts to maximise common values and customer offerings with the aim of bolstering their common operation. He emphasised on the necessity for the two business to schedule the process to make sure that the final integration will go efficiently when the time for it comes.
ComeOn holds licenses from the UK, Curaçao and Malta gambling regulators and has offices in London, Stockholm, Gibraltar, and Malta. The company has a particularly strong presence in the Scandinavian region.