Online and land-based casino operator, Cherry AB has signed an agreement to acquire 49 percent of shares in Come On Malta, with an option to acquire the remaining 51 percent.
A leading company in the rapidly expanding online gaming market on desktop, tablet and mobile, ComeOn’s offering complements Cherry with well-known brands and strong positions, predominantly in the online casino and sports betting space.
The acquisition is set to significantly strengthen Cherry’s position in Scandinavian markets, and also provides opportunities for continued international expansion.
With its successful multi-brand strategy, ComeOn enjoys a strong position in each of its main markets, and with both companies seeing rapid growth, the deal will facilitate further investment in existing brands.
ComeOn spokesperson Hans Martin Nakkim said: “We are looking forward to joining forces with Cherry. Just like us, Cherry is growing quickly with a multi-brand strategy and we see a lot of potential synergies between the companies. We look forward to staying operationally involved with the new ownership, while still having a big stake in the future growth of the consolidated Cherry.”
Fredrik Burvall, CEO of Cherry, said: “We will add several strong brands and will profit from the strong entrepreneurial spirit within ComeOn.”
ComeOn holds licences in Malta, the UK and Curacao, and has its own operations in Malta, London, Gibraltar and Stockholm, employing around 210 staff in total. Owing to the rapid growth of both groups, the parties do not expect any redundancies to result from the transaction, and ComeOn’s management and founders will continue to work in the combined business going forward.
The acquisition has yet to be approved by Cherry AB shareholders, which will be confirmed during a shareholders meeting, expected take place between the end of May and the beginning of June.