Issuing a corporate update, Stockholm-listed Cherry AB has confirmed that it has completed the outright acquisition of Malta-based online gambling operator ComeOn (ComeOn.com) purchasing 100% of its shares.
Cherry governance informs that it completes its 100% takeover of all ComeOn related assets for a total consideration of €280 million, from which the firm’s initial €80 million payment has been deducted.
Moving to acquire ComeOn outright, Cherry governance has detailed that the remaining €200 million will be paid via a 60% cash + 40% new shares combination, which will see the gambling group commit to a €125 million payment.
In order to finance the cash contribution of its acquisition Cherry governance has secured a €200 million bond under Nasdaq Stockholm terms which will mature from 11 July 2020.
In its December 2016 corporate update, Cherry governance detailed that it would move to purchase ComeOn remaining shares outright seeking to boost the firm’s assets and footprint within the lucrative Scandinavian online gaming market.
Last March, Cherry indicated that it would move to consolidate all igaming B2C assets under the ComeOn brand, stating that the decision would ‘re-emphasise its operational independence, aligning with other business areas owned and built up by Cherry AB.’