Cherry Ups Its Stake In Almor Holding

CHERRY UPS ITS STAKE IN ALMOR HOLDING

05th October, 2015 at 19:48:46
Source: http://www.azonlinecasinos.com

To 75 percent.

Cherry has increased its 71% stake of Malta-based online casino business Almor Holding Ltd (Almor) by an additional 4% for Euro 760 000.

Almor operates German-facing online casino and sportsbook brands Sunnyplayer, Sunmaker, and Kingplayer.

Cherry reports that Almor has continued to perform above expectation and during the first half of 2015 turnover amounted to Euro 7.2 Million, while operating profit reached Euro 1 Million.

Cherry's purchase agreement, signed in July 2015, allows it to acquire the remaining 25% within the next four years and five months, based on an operating profit (EBIT) multiple of 5.

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