Cherry Casino acquires 100% of Moorgate Media shares after inking a €4 million deal with the Malta-based company.
In EU gambling news, Cherry Casino has struck a multimillion dollar deal to acquire all shares of Moorgate Media, which owns license agreements with Web Resort. The payment for the acquisition will be in the form of Cherry Casino shares; the value of the shares will be based on the closing price of Cherry Casino shares during the December 16 – 23 period.
Cherry Casino acquires NorgesSpill as well
According to reports from online gambling sites in the EU, Cherry Casino acquires NorgesSpill in addition to Moorgate Media. In the deal, Chery Casino will take ownership of the domain, gaming website, and customer database of NorgesSpill.
Unlike the Moorgate Media deal, the NorgesSpill acquisition will be paid for in cash. The initial payment of €600,00 will be made early in the new year, while the remaining €150,000 will be paid once NorgesSpill has migrated to Cherry Casino’s platform.
Says Cherry Casino chief executive Fredrik Burvall of the deal: “We are very pleased to add another acquisition that will further improve Cherry’s results and cash flow. NorgesSpill.com will migrate to the Cherry platform during 2016, and we are confident that we can develop the business further.”