Cherry Signs Acquisition Agreement with ComeOn
Swedish gaming company Cherry AB has signed an agreement to acquire 49% of ComeOn Malta Ltd.’s shares, with an option to also acquire the 51% remaining. ComeOn, a leading company in the online gaming market, holds a strong position in each of its main markets, and its offer complements Cherry with famous brands and strong positions, particularly in sports betting and online casino. The acquisition will strengthen Cherry’s position in Scandinavian markets significantly, and will also provide great opportunities for international expansion.
Cherry, the market leader of restaurant and nightclub casinos in Sweden was established in 1963, and specializes in online casinos, lotteries affiliate business and game development.
CEO of Cherry AB, Fredrik Burvall, said: “This acquisition will strengthen Cherry’s position in online gaming against competitors in Scandinavia and other European markets. Both Cherry and ComeOn are growing considerably faster than the market as a whole, which facilitates further investments in existing brands and continued expansion in new markets. We will add several strong brands and will profit from the strong entrepreneurial spirit within ComeOn.”
ComeOn’s operation is based on licenses in Malta, the UK and Curacao, and has its own operations in Malta, London, Stockholm and Gibraltar.
Hans Martin Nakkim, spokesperson for ComeOn, said “We are looking forward to joining forces with Cherry. Just like us, Cherry is growing quickly with a multi-brand strategy and we see a lot of potential synergies between the companies. We look forward to staying operationally involved with the new ownership, while still having a big stake in the future growth of the consolidated Cherry.”
Since both groups are growing at a faster rate than the market, and the combined resources will create a base for continued expansion, neither of the parties expect any redundancies due to the transaction.
In 2015, ComeOn’s sales were close to €80million, with an increase of about 60% from the year before. The operating profit went up to around €13million, growing by nearly 70% from the previous year. In 2016, ComeOn expects to have sales of €100-200million, with a €19-23million operating profit.
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