Swedish online casino operator, Cherry AB (CHERB:Stockholm), has allegedly exercised its option to buy a further 7.8percent of the stocks of London-based Highlight Games Ltd. , and now owns over 50% of the gambling technology firm.
Based on the official media launch …
Moreover, Cherry has acquired shares which correspond to a 15.1% stake in the company, which develops advanced, sports-focused, and IP-protected virtual games for retail and online gambling operators, from parties that are not active in the casino operator.
The total purchase price amount to GBP 5.4 million (US$ 6.9 million) and is to be paid in money. Post transactions the company now owns 60.4percent of outstanding shares of Highlight Games.
The Tuesday statement from Cherry informs that Highlight Games offers a one-of-a-kind patented product together with multi-year rights for its use of footage from inter alia historical football machines to produce unique virtual sports content.
Cherry goes on to describe that it’s now begun to deploy its own SOCCER BET, which features footage from major European soccer leagues, offering into many African countries. In the coming months, with a planned deployment strategy, it is going to be starting with online sports betting website, Eurobet, in Italy.
The company further communicates that looking ahead; it is eyeing a range of new business opportunities across various sports emerging markets, with its ingenious sports product distinctively using archive live-action sports footage.
In May this past year, Cherry signed an agreement to obtain 25% of Highlight Games Ltd, having an choice to acquire a further 26%. The arrangement on the heels of its completing the purchase of Malta-based online platform ComeOn! .
Launched in Sweden in 1963, Cherry currently operates five different gambling arms, such as Online Gaming, Game Development (Yggdrasil Gaming), Online Marketing, Gaming Tech, and Restaurant Casino.