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Cherry acquires remaining shares in Game Lounge

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Cherry acquires remaining shares in Game LoungeReading Time: 2 minutes

 

Cherry AB (publ) (“Cherry”) – STO: CHER-B.ST – has signed an agreement to acquire the remaining shares in leading affiliate company Game Lounge Sweden AB (“Game Lounge”), thus gaining 100-percent ownership.

 

Cherry currently owns 95 percent of Game Lounge, which in turn owns 100 percent of Game Lounge Ltd. Cherry has signed an agreement to acquire the remaining 5 percent of Game Lounge. The purchase consideration consists of three parts and can amount to a maximum SEK 260 million.

The first part of the purchase consideration is fixed and amounts to SEK 100 million to be paid in cash when Cherry gains control of the shares. The second part of the purchase considerations amounts to SEK 60 million and is conditional on Game Lounge’s consolidated EBITDA for the period 1 January 2019 to 30 June 2019 exceeding SEK 90 million. In the event that the target of SEK 90 million is not reached as per 30 June 2019, the measurement period will be extended until 30 September 2019, at which time, Game Lounge’s consolidated EBITDA shall amount to at least SEK 150 million. The third part of the purchase consideration amounts to SEK 100 million and requires Game Lounge’s consolidated EBITDA to exceed SEK 300 million for any consecutive four calendar quarter period between 1 July 2019 and 31 December 2021, or between 1 October 2019 and 31 December 2021 in the event that the measurement period for the second part of the purchase consideration is extended in accordance with the above. Cherry is entitled to pay all or part of the second and third parts of the purchase consideration in Class B shares in Cherry.

The sellers are employees of Game Lounge. Against this background, the acquisition constitutes a so-called related-party transaction and must therefore be approved by a general meeting in Cherry. Cherry’s Board of Directors will prepare a written account of the acquisition and obtain an independent valuation statement (fairness opinion) regarding Game Lounge.

The operations in Game Lounge have developed well and Cherry’s Board of Directors makes the assessment that the company will continue to enjoy favourable market conditions into the future and that it is therefore desirable to increase Cherry’s holding to 100 percent. The sellers will remain in their senior positions, are shareholders in Cherry and also participate in incentive program within the Cherry Group. Accordingly, the Board of Directors assesses that the terms of the acquisition, including the purchase consideration, are in line with the market and will therefore recommend that Cherry’s Annual General Meeting approve the acquisition in accordance with the principal terms above.

 


CHERRY IN BRIEF:

Cherry is an innovative and fast-growing gaming company with operations in gaming, media and entertainment.
The company was founded in 1963 and today, Cherry operates through five diversified business areas: Online Gaming, Game Development, Online Marketing, Gaming Technology, and Restaurant Casino. The Group’s objective is to grow organically in combination with strategic acquisitions of fast-growing companies. Cherry employs some 1,400 people and has about 9,250 shareholders. The company’s class B share is listed on the Nasdaq Stockholm exchange, Mid Cap segment. More information is available at www.cherry.se.


Source: European Gaming Media

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Betway becomes official global betting partner of the Mzansi Super League T20

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Betway has agreed a three-year-deal to become the official betting partner of the Mzansi Super League T20 – further adding to its cricket sponsorship portfolio.

The tournament, which takes place in Johannesburg, Tshwane, Durban, Nelson Mandela Bay, Cape Town and Paarl, is broadcast live in the UK and the first fixtures have already provided some great action.

Former South African international AB de Villiers impressed the locals as he hit fifty in vain as Tshwane Spartans were beaten by Cape Town Blitz, while Nelson Mandela Bay Giants beat the Jozi Stars.

Betway’s latest seven-figure-deal comes just months after it was confirmed as the official betting partner of both the men’s and women’s Cricket West Indies (CWI) sides.

Betway’s Anthony Werkman, said: “We are really pleased to be on board at the start of this new look T20 tournament.

“Being involved as a global partner shows the ambition Betway has to become a recognised worldwide supporter of elite professional sport, and the names appearing in this tournament certainly fit that bill.

“I am sure that the crowds will enjoy the games and we look forward to delivering an exciting experience for our customers too over the next three years.”

Cricket South Africa CEO, Thabang Moroe, added: “We are thrilled to have sports betting brand, Betway, on board to join our roster of sponsors, all whom have committed to helping us take Mzansi T20 to the world through the game of cricket.”


Source: European Gaming Media

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Praesepe put faith in Project pokers

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Project has received what it is describing as a ‘substantial order’ from Praesepe, part of the Gauselmann group of companies, for its specialist poker themed games comprising Red Hot Poker, Jacks or Better and the Cat C lite, Hi Lo Poker.

Confirming the order, Praesepe’s Head of Gaming Machines, Nigel Davis, said:We have a long and successful history of working with Project, one of the industry’s leading independent machine innovators. Project was the first to fully understand poker and over the last decade has mastered the art of translating the dynamics of the game into an array of stylish B4, Cat C and Cat C lite machines. We’ve found that poker attracts a different segment of the player base into our venues. They don’t perceive themselves as being slots players but poker players, which means that as an operator we are not simply cannibalising spend from one machine to another. Attracting new income is the lifeblood of any business and poker themed games bring new customers into our venues. I am confident the Project pokers that we have ordered will further enhance the fantastic Cashino customer experience.

Project Managing Director, Tony Boulton stated:We are delighted at the faith shown by Praesepe in our products. We have spent a lot of time understanding the psyche of the poker player and working hard to deliver new and enhanced experiences for poker aficionados. Poker doesn’t go out of fashion, it works across machine categories and it can be deployed either as a stand alone machine or, as we’ve demonstrated in 5 Star Games, as part of a mixed game style compendium. Key to its success and its longevity is the fact that it generates differentiated income courtesy of its’ distinct player base.


Source: European Gaming Media

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Continent 8 Named “International Business of the Year” at the Isle of Man Newspapers Awards for Excellence

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Continent 8 Named “International Business of the Year” at the Isle of Man Newspapers Awards for ExcellenceReading Time: 2 minutes

 

Continent 8 Technologies, the award-winning, multi-jurisdictional global data solutions provider, has been named the 2018 “International Business of the Year” at the prestigious Isle of Man Newspapers Awards for Excellence held last night at the Villa Marina, Isle of Man.

This year, Continent 8 was shortlisted in the “International Business of the Year category” – one of the most sought after awards of the night. Now in its 13th year, the Awards for Excellence has recognised more than 300 local companies since the awards started, creating a unique opportunity to recognise success for companies, individuals, the public sector, and the charitable sector.

This is the second time Continent 8 has been recognised for success and innovation. In 2014, Continent 8 was honoured as the “Company of the Year”. At that time, the judges remarked that Continent 8 demonstrated a clear strategy, as well as innovative ways of sourcing and delivering service on and off island. They recognised that Continent 8 had a firmly established local and international profile and has served as a strong ambassador on behalf of the Island.

Continent 8’s CEO Michael Tobin stated about this year’s award, “We are truly honoured to be recognised as this year’s International Business of the Year. Our success and growth are directly attributed to our global team of experts, our ability to develop long-term partnerships, and by offering the most sophisticated, innovative, and reliable services to our customers.” Mr. Tobin, described the award as a “Humbling recognition of our relentless pursuit of service and innovation on a global scale and our commitment to the growth of the Isle of Man.”

In accepting the award on behalf of Continent 8 David Black thanked the organisers, judges, shareholders, the global team and led a touching tribute following the recent tragic loss of colleague, Paul Steer.

Continent 8 is an award-winning, multi-jurisdictional global network solutions provider that connects, manages, and secures the world’s most valuable information. Its advanced data centers and high-quality networks support critical online operations in both private and public-sector organisations in over 30 locations across Europethe United States and Asia. For more information visit www.continent8.com.


Source: European Gaming Media

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