Cherry increases stake in Highlight Games
Cherry has exercised an option to acquire an additional 12.5% of the shares in Highlight Games, taking its overall stake in the business to 37.5%.
In May, Cherry purchased 25% of the gaming technology company in a deal worth £2.4m (€2.7m/$3.2m), with the option to later acquire a further 26% share over the following 18 months.
Cherry has now secured a further 12.5% share of Highlight Games for £2.5m in a purchase financed by cash.
The company also has the option to acquire an additional 13.3% in two further tranches over the next 12 months.
Speaking at the time of the original deal, Anders Holmgren, chief executive of Cherry, said: “We believe that Highlight Games has significant development and revenue generating potential, which we can help it achieve within our Gaming Technology business area.
“We also believe that their unique product can compete with both virtual sports games and traditional slot games.”
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