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Cherry acquires another 7.5% of Almor

Monday, 17 April 2017 11:58
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Cherry has called on the option to acquire an additional 7.5% of the shares in the Maltese company Almor Holding Ltd (Almor), a leading online casino and sportsbook business specializing in German-speaking and some additional European markets.

Cherry acquired 75% of the shares in Almor in 2015 and after this acquisition Cherry owns 82.5% of the company. Almor has continued to perform above expectations and over time Cherry holds options to acquire the remaining shares in the company. 

The purchase price for the additional 7.5% of the shares in Almor Holding Limited will, according to the agreement, be paid in either €1.22 million in cash or through class B shares in Cherry AB to the value of approximately SEK11 million, which is based on an agreement between the minority owner and Cherry AB.

Cherry holds the right to utilize its option to buy the remaining shares in Almor within three years. The remaining shares will be acquired based on a multiple of five times EBIT.