Internet casino group Cherry AB revealed that they have purchased the remaining 51% of shares from ComeOn Malta, completing the purchase that started earlier in the year.
The deal will see Cherry purchasing one of the biggest up and comers in the industry, and the group expects that the deal will see it tripling its revenues. The combined third party revenues of the groups was SEK 475 million, with EBITDA of SEK 109 million. Next year Cherry expects full year revenues of between SEK 2.6-2.7 billion, with EBITDA of SEK 550-600 million.
Commenting on the deal Cherry CEO Fredrik Burvall said, "We are very pleased to be able to now conclude the acquisition of ComeOn, which means that we considerably strengthen our position in the market. Together we will create an entrepreneurial-driven gaming company where both Cherry and ComeOn have significantly stronger organic growth than the market, and the acquisition improves the Group's results considerably."