Cherry AB, the Swedish betting firm has announced that it has purchased an online betting firm that specializes in delivering services to the German Markets, Almor Holding Limited.
According to the acquisition deal, Cherry AB will now own 71% of Almor’s shares and this deal was made official as from the 1st of July. Furthermore, Cherry AB will now receive earnings from Almor as from May and June and this will likely report a positive EBITDA for the year.
At present, Cherry AB owns a variety of betting operators that include Cherry Casino, EuroSlots, EuroLotto, and SpilleAutomater. The Acquisition deal will add two more betting brands SunnyPlayer and KingPlayer owned by Almor.
Currently, Almor’s betting operators have an active player base of 55,000 active players and its brands were founded in 2011. Almor offers sports betting and online casino games to its customers.
Major online casino player in the German market
Fedrik Burvall, the President and CEO at Cherry AB commented on the acquisition deal and said, “This acquisition deal automatically puts us as a major online casino player in the German market. In the short-run, Cherry will significantly strengthen its online gaming business.
The deal has given us a much larger portion of presence in continental Europe and this has given a positive contribution in both our margins and growth prospects.”
Alexander knopf, the Director of Almor further added, “ Cherry has been highly complementary to our local market knowledge, customer base and established brands with its multiple licenses, in-house game development, flexible technology platform and international reach. “
In 2014, Almor realized a net revenue of €11.4 million and profits of €1.2 million and it has been paying VAT charges of 19%. Cherry will settle the purchase deal in 50% Cherry Shares and 50% cash.