Leading affiliate company, Game Lounge Ltd., has been acquired by Cherry AB after an additional purchase of 44 percent of the shares took place. The rapidly expanding iGaming enterprise is now the major shareholder of online marketing experts from GLL, whose main markets are located in Scandinavia and the Baltics. Since reaching as much as 4.5 times the previous price per share is a colossal amount, the acquisition is expected to be paid partially by cash and a new number of shares.
The first purchase took place in January 2015, when Cherry AB’s subsidiary, Cherry Malta Ltd, bought 51 percent of the shares in Game Lounge Ltd. A total share of 95 percent of the company is going to be final, according to the founders of Game Lounge, who decided NOT to sell the remaining interest and stay on as the Head of Sales and CEO.
Cash must be paid out before April 30, 2018 whereby the new issue is to be settled by the Cherry AB Annual General Meeting in May 2018. Long-term investment and financial performance lead to constant growth, as the company endeavors to become a market leader in every iGaming business. Guided by innovation, active planning and fresh thinking, the group has also managed to diversify its main values and principles, whilst exploring new opportunities and business models.
On the other side, the affiliate company has built a strong reputation in northern European markets. Established in 2011 by two marketing specialists from Malta, the company’s revenues showed an increase of 180% after only 6 years and then amounted to 75%. Their business model is incredibly adaptable, due to high-quality capabilities regarding SEO and affiliate marketing in online gaming.
New owners saw great potential in expanding its portfolio to other segments, such as smaller enterprises, which were acquired by the same company back in November.
Cherry’s history dates all the way back to 1963. Today, the group operates through five different business areas: Online Gaming, Game Development, Online Marketing, Gaming Technology, and Restaurant Casino. By growing each sector with strategic acquisitions of fast-growing startups, Cherry aims at becoming the leading online gambling affiliate in the entire industry.
