Cherry AB has acquired 71 percent of Almor Holding Ltd., an online casino platform for German speaking markets.
Cherry AB will consolidate Almor within its group accounts, but will have the right to earnings from May and June in the acquired balances, a company statement said.
Cherry expects Almor to report positive EBITDA in both May and June as well as the remaining part of 2015, contributing to Cherry’s Online Gaming division, which expects to report a positive EBITDA in Q3 2015.
Almor’s principal brands Sunmaker, Sunnyplayer and Kingplayer have over 55,000 active customers in the first five months of 2015 and a registered customer database of approximately 355,000.
Fredrik Burvall, president and CEO of Cherry, said that the group has developed a strategic position in Germany, where it already holds all currently available online casino licenses, including the Schleswig Holstein authority.
“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,” he said.
