Cherry expands Swedish gambling portfolio by acquiring Betman AB assets

Updating the market, Stockholm-listed Cherry AB (Cherry) has announced that it has expanded its current Swedish gambling portfolio by acquiring Betman AB assets.

The agreed acquisition will see Cherry takeover Betman’s ‘restaurant casino’ points in fifteen venues within the Swedish districts of Stockholm, Sälen and Visby.

Cherry governance detailed that the sale price would amount to a total of SEK 3.9 million (£350,000). The agreed deal will see Betman receive an initial cash payment of SEK 2.3 million, with the remainder of the acquisition sum paid by Q3 2017.

Issuing a market note, Cherry governance detailed that it expects the acquisition to contribute SEK 11 million in revenues with circa EBITDA of SEK 2 million.

Following its Betman acquisition, Cherry will grow its Swedish gambling market presence to approximately 68% of active gaming venues.

Confirming the acquisition Fredrik Burvall, CEO Cherry AB commented: 

“The acquisition of Betman means that we further solidify our leadership position in the restaurant casino market. It further strengthens our position in Stockholm, Sälen and Visby and adds qualified personnel, while we can use our scale advantage to help the venues perform even better.”