ComeOn to be acquired by Cherry
Cherry has agreed to acquire 49% of ComeOn’s shares, with an option to also purchase the remaining 51%.
The financial terms of the deal were not disclosed, however, Cherry said in a statement the acquisition would compliment its existing brands and positions in markets such as online casino and sports betting.
Cherry added that the deal will strengthen its position in the Scandinavian markets as well as provide great opportunities for future international expansion.
ComeOn operates under a number of brands, including ComeOn.com and Mobilbet.com and It had over a million registered customers as of the end of 2015, of which over 100,000 were active.
Cherry chief executive Fredrik Burvall said: “This acquisition will strengthen Cherry’s position in online gaming against competitors in Scandinavia and other European markets.
“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.”
“Just like us, Cherry is growing quickly with a multi-brand strategy and we see a lot of potential synergies between the companies,” Hans Martin Nakkim, a spokesperson for ComeOn, added.
“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.”
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