Cherry to acquire ComeOn
Cherry has agreed a deal to acquire 49% of the shares in ComeOn, with an option to also purchase the remaining 51%.
Although the financial terms of the agreement were not disclosed, Cherry said in a statement the acquisition would compliment its existing brands and positions in markets such as online casino and sports betting.
Cherry also said that the deal will “significantly strengthen” its position in the Scandinavian markets, as well as provide “great” opportunities for continued international expansion.
ComeOn, which operates under a number of brands such as ComeOn.com and Mobilbet.com, had 1,112,932 registered customers as of the end of December 2015, of which 109,608 were active.
“This acquisition will strengthen Cherry’s position in online gaming against competitors in Scandinavia and other European markets,” Cherry chief executive Fredrik Burvall said.
“Both Cherry and ComeOn are growing considerably faster than the market as a whole, which facilitates further investments in existing brands and continued expansion in new markets.
“We will add several strong brands and will profit from the strong entrepreneurial spirit within ComeOn.”
Hans Martin Nakkim, a spokesperson for ComeOn, added: “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.”
Related article: Cherry reports online expansion as revenue rockets in 2015