Cherry Group acquires 49 percent of online gaming company
News on 7 Nov 2013
News on 7 Nov 2013
The Swedish online gambling group Cherry has acquired 49 percent of the shares in Curacao-based Internet gaming company Web Resorts NV. The company owns several domains including NordicSlots.com and NorgesSpill.com, which offer online casino action powered by BetSoft Gaming.
Cherry will pay Euro 3.3 million in a cash consideration, and an additional performance based purchase price of up to Euro 1 million.
The acquisition is expected to increase both Cherry’s revenue and EBIT by approximately a million Euros a year starting the fourth quarter 2013.
Cherry chief exec Emil Sunvisson says: “Web Resorts offers leading online casinos for mobiles and computers. The acquisition will have a very positive impact on Cherry´s results. I also believe that the prospects to further grow the business are good”
