Swedish online gambling group Cherry AB, has announced its acquisition of 71 percent of the shares of the Almor Holding Limited, an online casino business based in Malta, which focuses on German speaking markets.
The acquisition became final on July 1 2015 and Cherry AB will consolidate Almor into its accounts as of July 1.
"We believe that the business is the largest operator of Merkur Slots, developed by Edict eGaming, which are amongst the most popular slots titles in Almor’s core markets," said a company spokesperson on Thursday.
"With this acquisition, Cherry immediately becomes a major online casino player in this major European market. In the short-term this enables Cherry to grow significantly and to strengthen the Online Gaming business division. The deal gives Cherry a larger and more significant presence in continental Europe, contributing positively to both our margins and our growth prospects," said Fredrik Burvall, president and CEO of Cherry.
Alexander Knopf, a director of Almor, said, “Cherry’s international reach, multiple licenses, flexible technology platform and in-house game development will be highly complementary to our local market knowledge, established brands and customer base.”
The price for the 71 percent of the shares in Almor Holding Limited is Euro 4.6 million and Cherry maintains the option to purchase the right to buy the remainder of the company within the next four years and eight months.
The initial payment will be made 50 percent in cash and 50 percent in Cherry shares. The remaining purchase consideration may be in cash or Cherry shares at Cherry’s discretion.