Cherry Group acquires Moorgate Media and NorgesSpill.com
Cherry will acquire 100% of Moorgate Media shares, as well as the domain, customer database and NorgesSpill.com gaming website. Price of the shares will be based on the average closing price referring to the period of 16th-23rd December.
The acquisition of NorgesSpill will be paid in cash, where €600,000 – in the first quarter of 2016. The remaining €150,000 due once NorgesSpill.com has been migrated to Cherry’s platform.
A spokesman for the company said: “The acquisition will have an effect from the first quarter of 2016 and onwards”.
“Today, the affiliate business is accounted for as a cost within Business Area Online Gaming. The acquisition will be depreciated over five years. In addition to the acquisition of Moorgate, Cherry has acquired NorgesSpill.com for Euro 750,000. The acquisition of NorgesSpill.com is expected to add another Euro 300,000 to Cherry’s EBITDA.”
Fredrik Burvall, CEO of Cherry, commented on the acquisition: “We are very pleased to add another acquisition that will further improve Cherry’s results and cash flow. NorgesSpill.com will migrate to the Cherry platform during 2016, and we are confident that we can develop the business further.”
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