SBC News Voice of the Sports Betting Industry
Swiss listed European igaming operator Cherry AB has confirmed that it has increased its majority stake to 75% in Malta based German facing online casino operator Almor Holdings.
Cherry AB who acquired 71% of the operator in July of this year for a sum of €4.6 million, released a short statement informing the market of its increased shareholdings which amounted to €760,000.
Through its acquisition terms of Almor Holdings, Cherry AB governance has the ‘first right’ to acquire the remaining 25% of the operator with a four to five year period.
If the company decides to utilize its option to buy additional shares, the payment can be made either through shares in Cherry or in cash.
Almor German facing igaming brands include Sunmaker.com, Sunnyplayer and Kingplayer.com. Cherry AB had acquired a stake in Almor assets to gain a strategic position within the German igaming market ahead of impending national regulations.
Almor igaming brands currently hold Schleswig Holstein, online casino licenses, allowing the casino to accept wagers legally.
Cherry AB governance revealed that Almor assets were performing above expectations, netting a first half year profit of + €1 million.
