Cherry acquires an additional shares in Almor
1 May 2018
(PRESS RELEASE) -- Cherry AB has resolved to call on the option to acquire addition 7.5% of the shares in the Maltese company Almor Holding Limited. The company is an operator of online casino and sportsbook in primarily German-speaking countries. Following the acquisition Cherry will own 90.0% of the shares in Almor.
Following continued favorable development of Almor’s group of brands, Cherry has resolved to call on the option to acquire additional 7.5% of the shares in the company. The purchase price for Almor Holding Limited will, according to the agreement amount to approximately EUR 4.4 million and to be paid through a combination of equal portions cash and newly issued shares in Cherry AB (publ). The share issue in Cherry AB (publ) has been proposed to be established by the shareholders in the Annual General Meeting on 30 May 2018.
Cherry’s current holding in Almor amounts to 82.5% and will amount to 90.0% following the transaction has been completed. Cherry holds the right to utilize its option to buy the remaining shares in Almor in the first six months of 2019. The option to acquire additional shares is based on a multiple of five times EBIT, calculated as an average of the years 2017 and 2018.