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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.
Source: Latest News on European Gaming Media Network
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PIN-UP Global invites to join the team of professionals at ICE
Find out more about the career vacancies in the international iGaming holding PIN-UP Global during the ICE conference, which will be held from January 20 to 22 in Barcelona, where everyone will be able to talk to the recruitment team, and even have an interview right at the PIN-UP stand.
A separate HirePoint by PIN-UP will be set up at stand 5G31, where the holding company’s recruiters will conduct quick interviews and collect references. It will be possible to make an appointment in a few seconds using a special interactive screen, and there will be nice incentive gifts for participation.
“In just a few minutes it will be possible to book your appointment by completing an application form, present your skills, discuss opportunities and take the first step towards a career at PIN-UP Global. The interactive screen will showcase current vacancies with a quick response option. This is a unique opportunity to learn about career prospects in an international holding company with a strong value system”, says Oksana Izmailova, Chief Human Resources Officer at PIN-UP Global.
PIN-UP Global continues to scale rapidly: in 2024 alone, the holding company’s team has grown by more than 1,400 people to almost 4,000. Such rapid business development every day opens up new opportunities and prospects for both existing team members and those wishing to become part of it. PIN-UP Global regularly conducts employee satisfaction surveys and pays special attention to the development of all team members.
PIN-UP Global is an international iGaming holding company specializing in the development and implementation of advanced technologies, B2B solutions and innovative products for the iGaming industry. PIN-UP Global has offices in Cyprus, Ukraine, Poland, Kazakhstan and Armenia and a team of over 20 nationalities. In 2024, PIN-UP Global received the prestigious “Best Workplace” award from SIGMA, confirming its status as the best employer in the iGaming industry for the second consecutive year.
The post PIN-UP Global invites to join the team of professionals at ICE appeared first on European Gaming Industry News.
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Million Games Launches First RNG Table Games: Million Baccarat and Million Blackjack
Million Games is excited to present its first-ever RNG table games: Million Baccarat and Million Blackjack. These timeless casino staples, enjoyed in both brick-and-mortar and online casinos around the world, offering players a thrilling and authentic experience right at their fingertips. With a focus on delivering fun and exciting entertainment, these classic games give players the opportunity to enjoy the excitement and suspense of table games!
Million Baccarat brings the excitement of this global favourite straight to your screen. Players are invited to place their bets as they predict whether the banker or the player will win, or if it’ll end in a tie. With its elegant design and smooth gameplay, Million Baccarat offers an immersive experience that replicates the refined thrill of the casino floor.
For those who love the suspense of Blackjack, Million Blackjack lets players experience the high-stakes game in a RNG format. Fans of the game will enjoy its classic rules – get as close to 21 as possible without going bust, and outsmart the dealer to claim the prize. This version perfectly captures the thrill, where every hand keeps you on the edge of your seat.
With these two releases, Million Games introduces its first RNG table games, bringing a taste of real casino action into the online gaming world. Whether you’re a seasoned player or a newcomer, Million Baccarat and Million Blackjack offer an authentic, thrilling experience where the cards are always in your hands.
Million Games CEO, Thomas Nimstad, commented: “We’ve always aimed to bring innovation and creativity to our games, but with Million Baccarat and Million Blackjack, we wanted to stick to the classics. These games have stood the test of time, and now, we’re excited to bring them to the Million Games audience in an engaging and exiting way. We believe that players will enjoy these experiences in a Million ways!”
Both games will be launched later on in January. Looking ahead, Million Games has an exciting lineup of launches scheduled in the coming 6 months. Alongside their own game releases, they will also introduce fresh content from partner studios under the Million Stars program. With more online slots, table games, and innovative gaming experiences on the horizon, Million Games is eager to expand its portfolio and bring even more entertainment to players worldwide.
The post Million Games Launches First RNG Table Games: Million Baccarat and Million Blackjack appeared first on European Gaming Industry News.
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Natural8 India welcomes 2025 in style with Natural8 India X APT Manila Classic 2025
Welcoming 2025 in spectacular style, Natural8 India has announced its latest India Exclusive, Natural8 India X APT Manila Classic 2025, to the delight of poker enthusiasts across the country. The multi-table tournament, scheduled to take place on January 19, will offer participants a chance to fight for the massive event prize pool and the glory of winning a prestigious APT Trophy. But that’s not all, for nine finalists will also secure an all-expense paid trip to participate in APT Manila – competing for the grand prize at a grand stage with some of the sharpest poker players in all of Asia!
With a buy-in of only INR 5,500, Natural8 India X APT Manila Classic 2025 will offer flight and stay packages for nine finalists, worth up to INR 100,000 each, for the upcoming APT Manila Classic. In addition, the top four finalists will secure a Main Event ticket worth INR 90,000 each at APT Manila Classic 2025, while the other five will win Mini Main Event tickets worth INR 37,000 each. The tournament also has various satellites running daily from January 12 to January 19, with a buy-in of just INR 550.
Speaking on the upcoming India Exclusive, Kunal Patni, Executive Director and Country Head – Natural8 India, said, “2024 was a spectacular year for Natural8 India and the broader Indian poker community. Throughout the year, we saw a strong response to the various India Exclusives, which not only nurtured the country’s growing poker landscape but also connected poker enthusiasts to the broader Asian poker scene on a more consistent basis. We took 23 players to various APT events in 2024 through these India Exclusive APT events. With the Natural8 India X APT Manila Classic 2025, we expect a similarly stellar response, especially with mega bonus on offer worth up to INR 15 lakh. Our latest India Exclusive will set the tone for the rest of the year and give poker enthusiasts and professional players across the country a chance to start 2025 on a bang!”
The post Natural8 India welcomes 2025 in style with Natural8 India X APT Manila Classic 2025 appeared first on European Gaming Industry News.
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