Cherry targets Germany with latest acquisition
Online casino operator acquires majority stake in Germany-focused operator Almor for 4.6m
Cherry AB has acquired a majority stake in Germany-focused operator Almor for 4.6m (£3.3m) as it looks to ramp up its operations in the German online casino market.
The Swedish operator yesterday completed its purchase of a 71% stake in Germany-focused Almor comprising 50% in cash and 50% in Cherry shares, with the right to buy the remaining 29% of the firm within the next four years and eight months.
Cherry CEO Fredrik Burvall said he was confident its latest acquisition would ensure the company becomes a significant player in the German-speaking online casino market.
“Cherry has developed a strategic position in Germany, where we already hold all currently available online casino licences, including in Schleswig Holstein,” he said.
“In the short-term this enables Cherry to grow significantly and to strengthen the online gaming business division,” Burvall added.
Malta-based Almor operates a number of casino brands and an online sportsbook and recorded net gaming revenue of 11.1m (£7.9m) and a 1.2m (£0.9m) profit in 2014, with Cherry expecting the acquisition to be earnings enhancing during 2015.
“We are delighted to be joining Cherry, whom we believe to be the ideal partner for Almor to continue its remarkable growth,” Alexander Knopf, 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,” Knopf added.
Almor was founded in 2011 and has a database of approximately 355,000 customers across its main Sunmaker, Sunnyplayer and Kingplayer brands.