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Cherry increases equity in Almor Holdings to 82.5%

Cherry increases equity in Almor Holdings to 82.5%

Updating the market, the governance of Stockholm-listed Cherry AB has informed that it has acquired a further 7.5% of shares in Malta-based German focused operator Almor Holdings.

The acquisition will see Cherry increase its equity holding in Almor to 82.5% of shares. In July 2015, Cherry governance made its initial 71% purchase of Almor share for €4.6 million euros, and would quickly move to increase its shareholding to 75%.

Updating investors, Cherry governance stated that Almor’s German gaming portfolio of Sunmaker, Sunnyplayer and Kingplayer had been performing ‘above expectations’.

Cherry governance informs that the additional 7.5% of Almor shares will be purchased either (i) 1 219 889,50 Euro in cash, or (II) through class B shares in Cherry AB (plc) to the value of approximately 11 717 891,50 SEK,” which is based on an agreement between the minority owner and Cherry AB.”

Closing its purchase, Cherry AB holds first right to acquire the outstanding shares in Almor for a further three-years at a value of five times EBIT.