Malta igaming: Cherry AB reportedly seeks buyer for ComeOn Group
The Sweden and Netherlands-facing igaming group could be valued at €500m.
Malta.- It’s been reported that Cherry AB is in talks with Moelis and Jefferies to seek a buyer for ComeOn Group. According to Reuters, it hopes to sell the igaming group for around €500m, which would be up to 9x its 2025 EBITDA forecast of €60m.
ComeOn has 15 brands, which include ComeOn, Mobilebet and Getlucky. It has a significant presence in Sweden and received a licence to operate online gambling in the Netherlands in 2022. The reports say that the process is at an early stage but could lead to an auction later in the year.
As well as ComeOn Group, Cherry AB owns physical restaurant-based gaming venues in Sweden and the B2B online gaming developer Yggdrasil. Cherry AB bought an initial stake in ComeOn Group in 2016. However, Cherry itself was bought by a consortium including the private equity firm Bridgepoint for $1bn in December 2018, at which point the company was delisted.
The company has faced challenges due to the tightening of gambling regulations in key markets. It previously tried to sell Yggdrasil but failed to find a good enough offer.
