Cherry Buys 71 Percent Of Shares Of Almor to Expand into German Speaking MarketPublished July 3, 2015 by Vlad G
Almor becomes part of Cherry with the goal of improving the international reach with the help of local market knowledge, especially in German-speaking markets.
Cherry has increased its reach over German-speaking markets with the acquisition of a majority stake in the Malta-based gaming company Almor Holding Limited, a brand which is specialized in providing online casino options to players from Germany and other markets.
The official date for the deal was July 1st and this is also when Cherry started to consolidate Almor within its operators. However, Cherry will be able to claim the earnings in the balances from both May and June.
Reliable online gaming
Almor has established itself as a leading brand in German-speaking markets since its launch in 2011. It provides a variety of games and sports betting options across major websites that had more than 55,000 customers within the first five months of the year, while the registered customer base is about 355,000.
Cherry already had a good position in Germany with its licensed products and with the help of this acquisition, the brand will now become one of the major players in the online casino industry in Europe.
The director of Almor, Alexander Knopf, stated that Cherry is the ideal partner for the future of the company and that the international reach will complement the local market knowledge and the established customer base that Almor brings to the table.
Cherry continues to grow
With this acquisition, Cherry will increase its revenue and profit, while getting more than a foothold in Germany and other markets with the same language. Almor had net gaming revenue of €11.1 million in 2014 and a profit of €1.2 million over the same period.
According to reports, the price Cherry paid for 71% of the Almor shares was €4.6 million and the deal includes a mention that Cherry can purchase the remaining shares from Almor within four and a half years. Half of the price was paid in cash and the other half in Cherry shares.