Stockholm, December 2016 – Cherry AB (publ) has exercised its option to acquire the remaining 51 per cent of the shares in ComeOn Malta Ltd. As a result of this acquisition and strong organic growth, Cherry is expected to triple its revenues and become the third largest Nordics-focused private sector gaming company. The acquisition is also expected to deliver a sound basis for continued international expansion with strong brands.

The combined company’s pro forma revenues for the third quarter of 2016 amounts to SEK 475 million with an EBITDA of SEK 109 million. The Cherry Group expects that with the acquisition of ComeOn, it will generate total revenues for the full year 2017 of between SEK 2 600 and SEK 2 700 million with an EBITDA of SEK 550 to SEK 600 million.

“We are very pleased to be able to now conclude the acquisition of ComeOn, which means that we considerably strengthen our position in the market. Together we will create an entrepreneurial-driven gaming company where both Cherry and ComeOn have significantly stronger organic growth than the market, and the acquisition improves the Group’s results considerably. This deal also means that Cherry iGaming will increase its revenues from sports betting. Cherry already has a unique income stream diversification from five different business areas along the gaming value chain,” says Fredrik Burvall, President and CEO, Cherry.

ComeOn has strong positions in the company’s main markets, Norway, Sweden and Finland with a successful multi-brand strategy. ComeOn markets games under a number of well-established brands, including ComeOn.com, Mobilebet.com, CasintoStugan.com, MobilAutomaten.com, folkeautomaten.com, Suomikasino.com, GetLucky.com and Kasyno.pl. Approximately twenty-five per cent of ComeOn revenues come from sports betting.