Malta-licensed online gambling operator Cherry AB has acquired Almor Holdings Ltd.’s German-facing online casino and sports betting brands.

On Thursday, Cherry announced it had struck a deal to acquire 71% of the Malta-based Amor’s shares for €4.6m (half-cash, half Cherry shares). Cherry has the option to acquire the remaining 29% within the next four years and eight months in exchange for either cash or Cherry shares.

Almor’s German-facing brands include Sunmaker, Sunny Player Casino and Kingplayer, which together had 55k active customers in the first five months of 2015 and generated net gaming revenue of €11.1m and profit of €1.2m in 2014. Almor’s existing management team will continue to run the business as well as offer support to Cherry’s existing German-language operations.

Cherry CEO Fredrik Burvall said the deal, which includes the right to Almor’s May and June earnings, would start paying off more or less immediately. Burvall said the acquisition would transform his company into “a major online casino player in this major European market.”