Cherry finalises acquisition of ComeOn
Cherry has completed its previously announced acquisition of the remaining shares in gaming operator ComeOn.
In December of last year, Cherry exercised an option to purchase a 51% stake in ComeOn after initially acquiring 49% of shares in the company in July 2016.
Cherry now owns 100% of the shares in ComeOn and said that the completion of the deal secures its position as the third largest online gaming operator in the Nordics.
The total purchase price for the 51% stake amounts to €209.8 million ($230.9 million), and has been paid via a combination of 3,341,657 newly issued shares of series B and €125.9 million in cash.
Cherry acquired the initial 49% stake in ComeOn for €80 million and the two companies have carried out various integration work since the deal was struck in July.
In addition, ComeOn has been consolidated as a wholly-owned subsidiary of Cherry since October 1, 2016, from an accounting perspective.
Confirmation of the deal comes after Cherry also announced that it has acquired a 25% stake in gaming technology company Highlight Games Limited for €2.4 million.
Cherry has the option to purchase a further 36% stake in Highlight Games at a later date.