Cherry increases stake in Germany-focused Almor brand
Operator ups stake to 82% as it continues its “aggressive” growth strategy across Europe
Cherry has acquired an additional 7.5% stake in Germany-focused online casino and sportsbook brand Almor, as the Swedish operator looks to extend its reach further into Europe.
The operator upped its overall stake in Almor to 82.5%, based on a price of either €1.21m (£1.03m) or SEK 11.71m (£1.37m) in Cherry shares, which is based on a multiple of 5x adjusted EBIT.
In June 2015 the Swedish operator purchased 75% of Almor and Cherry still has the right to buy the remaining 17.5% available shares within three years.
Cherry CEO Anders Holmgren said: “We’ve been delighted with the acquisition of Almor and it was an easy decision to acquire a further 7.5% in the company.
“Their growth has been impressive and they hold a very strong position in German-speaking markets, as well as other markets in Europe.
“Cherry continues to aggressively pursue its strategy of growing faster than the market, both organically and through acquisitions. We are excited about the future with Almor, they have huge potential.”
Malta-based Almor was founded in 2011 and has a database of approximately 355,000 customers across its flagship brands Sunmaker, Sunnyplayer and Kingplayer.