December 12th marks another significant acquisition by the Cherry AB group. Indeed, the Swedish company have announced their intention to acquire the remaining 51% shares of ComeOn Malta Ltd in March 2017. Cherry intend to buy ComeOn by issuing 40% new B-Shares and pay the remaining 60% or £113.5 million cash.
Cherry AB is expected to triple its revenues in with this acquisition and now propels the company in the third position of the biggest privately owned online betting company focused in the Scandinavia market. By acquiring the remaining shares of ComeOn Ltd, Cherry is expected to gain a larger share of the Sports Betting market in Norway, Sweden and Finland and put itself in a better position to rival with Unibet and Bet365. The anticipated revenues for 2017 are set at over SEK 2 600 million with an EBITDA of over SEK 550 million.
Fredrik Burvall, President and CEO of Cherry AB said after the news was made public.
“We are very pleased to be able to now conclude the acquisition of ComeOn, which means that we considerably strengthen our position in the market. Together we will create an entrepreneurial-driven gaming company where both Cherry and ComeOn have significantly stronger organic growth than the market, and the acquisition improves the Group’s results considerably. This deal also means that Cherry iGaming will increase its revenues from sports betting. Cherry already has a unique income stream diversification from five different business areas along the gaming value chain,”
The company has been in business for over 50 years and their experience speaks for itself. They understand the need to diversify their activity and product range to ensure a healthy organic growth. Cherry AB own Yggdrasil Gaming which is an online game studio. They have also recently launched Xcaliber which is a technology driven that provides business intelligence tool for online casinos. The company also has a performance base marketing game lounge and several restaurant casinos.
Cherry AB is the corporate identity which is behind many online casinos such as:
Betsson, Betsafe, NordicBet, CasinoEuro, CherryCasino, EuroSlots, EuroLotto, SveaCasino, SuomiAutomaatti, SpilleAutomater, SunMaker, SunnyPlayer, KingPlayer, NorgesSpill, and NordicSlots.