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Wednesday, 17 May 2017 17:31

Cherry finalises acquisition of gaming operator ComeOn

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Cherry completed its acquisition (announced previously) of the outstanding shares in gaming operator ComeOn.

In December 2016, Cherry used an option to buy 51% stake in ComeOn after originally purchasing 49% of shares in the company in July 2016.

Cherry now holds 100% of the shares in ComeOn and stated that the completion of the deal safeguards its position as the third biggest online gaming operator in the Nordics.

The total purchase price for the 51% stake totals to €209.8 million ($230.9 million), and has been funded via a mixture of 3,341,657 newly issued shares of series B and €125.9 million in cash.

Cherry obtained the first 49% stake in ComeOn for €80 million and the two companies have carried out several integration projects since the deal was sealed in July.

Also, ComeOn has been fused as a wholly owned ancillary of Cherry since October 1, 2016, from an accounting viewpoint.

Ratification of the deal comes after Cherry also publicized that it has obtained a 25% stake in gaming technology company Highlight Games Limited for €2.4 million.

Cherry has a choice to purchase an additional 36% stake in Highlight Games in the future.

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