Cherry acquires Betman

(PRESS RELEASE) -- Cherry has agreed to acquire the casino agreements, casino staff and equipment from Betman AB as of 1 October 2016. Betman operates restaurant casino in 15 venues with 27 gaming tables in Stockholm, Sälen and Visby.

The acquisition is expected to contribute MSEK 11.0 in revenue and a positive EBITDA of MSEK 2.0. The purchase price, which includes the maximum additional purchase price, amounts to MSEK 3.9. The deal is expected to generate ROI in less than two years. MSEK 2.3 is paid in cash on acquisition and the additional purchase price will be paid during Q3 2017.

Cherry's market share of restaurant casino after the acquisition will be approximately 68 percent of the active gaming venues, according to the 2016 September statistics from the Swedish Lotteries and Gaming Authority.

Fredrik Burvall, CEO Cherry AB, comments: "The acquisition of Betman means that we further solidify our leadership position in the restaurant casino market. It further strengthens our position in Stockholm, Sälen and Visby and adds qualified personnel, while we can use our scale advantage to help the venues perform even better."