Cherry Group increases holding in German online gambling firm

Swedish online gambling group Cherry is clearly impressed with German-facing online gambling firm Almor Holdings and has increased its shareholding by 4 percent to a total stake of 75 percent with a further payment of Euro 760,000.

Our readers will recall that earlier this year Cherry secured a 71 percent interest in Almor, which operates the Kingplayer, Sunnyplayer and Sunmaker brands out of Malta, for a consideration of Euro 4.6 million in cash and Cherry shares, with a five-year option to acquire the remaining shares.

Almor posted net revenues of Euro 11.1 million in 2014, achieving an EBITDA of Euro 1.2 million.