Cherry lands new acquisition
Following continued favourable development of Almor’s group of brands, Cherry AB has resolved to acquire an additional 7.5 percent of the shares in Almor Holding Limited. The company is an operator of online casino and sportsbook in primarily German-speaking countries. Following the acquisition, Cherry will own 90.0 percent of the shares in the company.
The purchase price for the firm, according to the agreement, amount to approximately EUR 4.4 million and will be paid through a combination of equal portions cash and newly issued shares in Cherry AB (publ). The share issue in Cherry AB (publ) has been proposed to be established by the shareholders at the Annual General Meeting on 30 May 2018.
Cherry’s current holding in the business amounts to 82.5 percent and will amount to 90.0 percent once the transaction has been completed. Cherry holds the right to utilise its option to buy the remaining shares in the company within the first six months of 2019. The option to acquire additional shares is based on a multiple of five times EBIT, calculated as an average of the years 2017 and 2018.