Cherry Acquires 49% Of Web Resorts

Swedish gambling group Cherry has agreed a deal to acquire 49% of the shares in online gambling company Web Resorts NV.

The company owns several domains such as NordicSlots.com and NorgesSpill.com, which offer online casino games from 3D online slots developer BetSoft Gaming.

Under the deal, Cherry will pay €3.3 million ($4.5 million) in a cash consideration, as well as an additional performance-based purchase price of up to €1 million.

Cherry said that it expects the acquisition to increase its revenue and earnings before interest and tax by about €1 million on an annual basis beginning in the fourth quarter of 2013.

“The acquisition will have a very positive impact on Cherry ́s results,” Cherry’s chief executive officer, Emil Sunvisson, said. “I also believe that the prospects to further grow the business are good.”

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