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Cherry acquires remaining shares in Game Lounge

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Cherry acquires remaining shares in Game Lounge
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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.

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Affiliate Industry

UK Aggragator Casinosites.co.uk Relaunches

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Casinosites.co.uk, the UK’s leading casino site aggregation platform, announced its relaunch under Leon Hughes, an experienced gambling affiliate and operator owner. With a credible network of products covering global GEOS, Hughes has ambitious plans to rejuvenate and elevate the platform, offering an unparalleled user experience to UK casino enthusiasts.

Leon Hughes and his team have been hard at work, consulting extensively with industry experts and players to conduct multiple focus groups. This has been with the aim of delivering exactly what UK casino players want.

“The consensus from our consultations was clear: players desire a clean, easy-to-navigate website where online casino options are readily accessible. This is precisely what we have delivered,” said Hughes.

Casinosites.co.uk is not just a reimagined platform; it is been transformed into a comprehensive hub for casino fans. The site shines a spotlight on the best casinos, provides an inventory of new casinos and features expert ratings, new bonuses, free spins and more. The relaunch promises to enhance the user experience by forming relationships with casinos across the industry, from trusted brands to crypto casinos and those specialising in certain game types.

“We have seen that tastes are changing in gambling. From the rise in crypto casinos to live game shows, no two players log onto a casino site with the same ambition. This is why we’ve established partnerships with casinos in every corner of the industry. Our aim is to provide our users with the most reliable and diverse range of options available, ensuring there’s something for every type of player,” said Hughes.

In this new chapter, Casinosites.co.uk will continue to offer its signature in-depth casino analysis, providing accurate and insightful evaluations to help players make informed decisions. The platform is designed to be intuitive, making it easier than ever for users to find their preferred online casinos and take advantage of the latest offers and promotions.

“We are incredibly proud of the work we’ve done to bring Casinosites.co.uk back to life. Our team has worked tirelessly to create a platform that not only meets but exceeds the expectations of UK casino players. This relaunch marks the beginning of a new era for Casinosites.co.uk, and we are excited for what the future holds,” said Hughes.

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Affiliate Industry

Blexr Promotes Sophie Hodgson to Chief Operations Officer

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Blexr has confirmed the promotion of Sophie Hodgson to Chief Operating Officer (COO) of the igaming affiliate media publishing group.

Hodgson takes on the role of COO, having previously served as Blexr Vice President of People and Talent since 2022.

Her background includes working in both start-ups and multinational corporations. She has also served as the CEO and Founder of Storm Collaborative and as COO of BAE Systems Air. As COO, Hodgson will continue to oversee the People and Talent sector while also assisting the executive team with daily operations and strategic initiatives.

Hodgson said: “I am incredibly excited to take on this new challenge and continue to build on the solid foundations we’ve established at Blexr. My goal is to create a positive, high-performing environment that attracts and retains top talent, fosters employee engagement, and promotes a culture of diversity and inclusion that aligns with Blexr’s overarching strategy.”

Paudie O’Reilly, co-founder of Blexr, said: “Sophie’s strategic vision and commitment to creating a positive, high-performance culture have been invaluable to Blexr. Under her leadership, I am confident that our teams will be inspired and energized to achieve even greater success while growing and developing their careers.”

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Affiliate Industry

iGB L!VE 2024: Boomerang Introduces Partnership with AC Milan and New Affiliate Opportunities

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Boomerang Partners will participate in iGB L!VE 2024, held from July 16-19 at RAI Amsterdam, inviting partners to meet at stand 11-C20. One of the event’s highlights will be Boomerang’s recently announced collaboration with AC Milan, presenting new marketing opportunities and benefits across Europe (Italy excluded) for sportsbook affiliates and partners.

At this year’s iGB L!VE, Boomerang will spotlight its role as the official regional betting partner of AC Milan. This collaboration enhances Boomerang’s brand visibility through extensive media coverage, including TV broadcasts and digital marketing across Europe. It also provides affiliates with unique promotional and engagement opportunities. Book a meeting with us to learn more.

“Partnership with the legendary AC Milan demonstrates Boomerang’s credibility as a proven business partner,” says Ivan Kraynov, co-founder of Boomerang Partners. “As this partnership draws strong interest from partners and the media, we will create and showcase new collaborative formats aimed to enhance value for stakeholders. These will be presented for the first time at iGB L!VE 2024.”

Boomerang will host an exclusive contest at iGB L!VE 2024, offering event attendees the chance to win tickets to upcoming AC Milan matches. Join us for three thrilling raffle rounds on July 17 at 4:00 PM, and July 18 at 11:00 AM and 4:00 PM. Visit Boomerang at stand 11-C20 to try your luck and be part of this unforgettable experience!

This exciting draw will feature a performance, underscoring the dynamic synergy of this collaboration and enhancing the event experience for all our distinguished guests.

Vitalii Prokofev, CEO at Boomerang Partners, expressed enthusiasm about the event, noting, “iGB L!VE provides a fantastic platform to engage with our partners and showcase our latest initiatives. It’s always an excellent opportunity for real-time feedback and fostering new partnerships.”

The iGB L!VE event is renowned for its extensive networking opportunities, which serve as a hub for innovation, where industry leaders discuss current trends and future directions. Boomerang’s participation underscores its commitment to staying at the forefront of industry advancements and enhancing affiliate relationships.

Attendees are invited to visit Boomerang’s booth 11-C20, to explore the benefits of Boomerang’s AC Milan partnership, participate in related activities, and engage with key team members.

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