Cherry makes multi-million pound double acquisition
Operator buys affiliate Moorgate Media and gaming operator NorgesSpill for combined £3.5m
Cherry has splashed out £3.5m on the acquisition of affiliate business Moorgate Media and operator NorgesSpill as the firm makes good on its promise to add new brands to its growing portfolio.
Cherry said it had signed an agreement to acquire 100% of the shares in Malta-based Moorgate Media for 4m (£2.9m).
The purchase is an all-share deal, with the acquisition expected to add 0.4m to revenues and 1.2m to EBITDA on an annual basis.
Meanwhile it also acquired the domain, database and gaming site of NorgesSpill for 0.75m (£550,000) in cash, adding that NorgesSpill should add 0.3m to annual EBITDA.
“We are very pleased to add another acquisition that will further improve Cherry’s results and cash flow,” Fredrik Burvall, Cherry CEO, said.
“NorgesSpill.com will migrate to the Cherry platform during 2016, and we are confident that we can develop the business further,” he added.
Last month Burvall told eGaming Review to expect more acquisitions following the successful integration of a number of new brands this year, including SveaCasino and Almor Holding’s Sunmaker, Sunnyplayer and Kingplayer.
“We believe we have a flexible and good platform and the skills to integrate quickly,” Burvall said.