Sweden-based gaming operator Cherry has announced that it has completed the acquisition of the first 49 percent of shares in ComeOn Malta.

cherry

Cherry's acquisition means that the company's market position will be strengthened in Scandinavia, which is home to brands including ComeOn, Mobilbet, Folkeautomaten and Casinostugan.

The consideration for the 49 percent has been paid with 2,901,475 B-shares and €39.7m in cash - a total of €80m. The issue of shares has been directed to the sellers of ComeOn and represents a 16.8 per cent dilution in Cherry.

ComeOn reported preliminary sales of approximately €48m and an EBIT for the period January 1, 2016 to June 30, 2016 amounting to approximately €10m. The figures are adjusted for certain items and have been provided by the sellers – they have not been subject for audit or review by Cherry. This shows that ComeOn’s financial performance is in line with the group's expected operating profit for 2016 of €19-23m.

Fredrik Burvall, CEO of Cherry, said: “Now we have completed the acquisition of the first 49 per cent of ComeOn, we will, together with ComeOn, initiate the work of maximising our common values and customer offerings with the goal to strengthen our common operation. It is important that we and ComeOn clearly schedule the process so that when the final integration takes place it will be both swift and efficient.”