Cherry acquires additional 7.5% of Germany-facing brand Almor
Operator dismisses concerns over growing regulatory uncertainty in the market
Swedish operator Cherry has acquired an additional 7.5% of the shares in Germany-facing casino and sportsbook brand Almor, bringing the group’s total share up to 90%.
The Malta-based operator said the new shares, worth €4.4m at a 5x EBIT multiple, would be paid for through a combination of cash and shares in Cherry AB.
The group first purchased 75% of Almor’s shares in 2015 and reserved the right to invest further in the operator. A further 7.5% stake in the company was purchased in April 2017 for €1.21m.
Almor was founded in 2011 and has a database of approximately 355,000 customers across its flagship brands Sunmaker, Sunnyplayer and Kingplayer.
A Cherry spokesperson dismissed concerns over growing regulatory uncertainty in Germany, and told EGR Almor had good business in regulated markets.
It said the group was well prepared for regulatory changes as it had broad experience in markets in different stages of regulation.
In April, the group reported projected revenue growth of 25% to MSEK 675 (£56m) for Q1 2018 and announced that former Mr Green CMO, Lahcene Merzoug, had been appointed as MD for Cherry subsidiary ComeOn.