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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

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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RAPTOR PR HIRES AWARD-WINNING JAMES LAW AS PR DIRECTOR

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Raptor PR, the specialist tech PR agency for the global video games industry, has appointed MCV/DEVELOP 30 Under 30 2023 winning PR and communications professional James Law as PR Director. James will play an instrumental role in the establishment of Raptor PR’s new consumer gaming PR division, and will be leading on key B2B accounts at the agency.

Since early 2021, Raptor PR has carved out a unique reputation as the world’s only specialist B2B tech PR agency for the global games industry. James’ appointment will see the agency expand its B2B offering with a fully integrated B2C PR service for ambitious game development studios and publishers from the worlds of mobile, PC and console gaming.

James was previously PR Manager at Heaven Media, a leading creative marketing agency specialising in the gaming and technology industries. His experience includes global brands such as Nexon, Fanatec, and PowerA, as well as indie darlings like OutOfTheBit, Wales Interactive, and Utomik. Prior to Heaven Media, James was an experienced consumer games industry journalist, having written for leading gaming outlets such as Eurogamer, NME, Rock Paper Shotgun, and PC Gamer. He has also been Managing Editor at Gfinity Esports.

Rana Rahman, Founder and CEO at Raptor PR, commented: “We’re beyond excited to have James come on board to help shape the next evolution of Raptor PR. We’ve spent the last three and a half years establishing ourselves as the leading B2B tech PR agency for the global games industry, with flagship clients such as The Games Fund, Sandsoft, Midjiwan, Stardust, and Metaplay. We implicitly understand the complexities of the businesses and technologies that are powering the games industry, hence it is a natural progression for team Raptor PR to voyage into the world of consumer gaming PR, immediately supporting our existing portfolio with consumer gaming consultancy and tactical execution.”

James Law, PR Director at Raptor PR, commented: “Raptor PR is in such an exciting place with the agency’s fantastic success and strength in the B2B gaming and tech sectors. The opportunity to lead the agency’s nascent consumer gaming division is one I couldn’t resist – I love the games industry and the people in it, and the Raptor team is one that shares my passion for gaming and drive to make the industry a better place. I can’t wait to get stuck in – meeting the brilliant Raptor team and working alongside them has already been a fascinating learning experience, and it’s been a treat to be able to contribute and deliver my own unique perspectives. Here’s to a successful new partnership!”

James’ work demonstrates a passion for the games industry community, and a desire to make it a better place. As co-founder of startmenu, a website and community dedicated to bringing new and upcoming writing talent together within the games industry, James has helped build bridges into the industry that previously didn’t exist. At Raptor PR, James will be supported in his voluntary roles, as an ambassador for Safe In Our World, the video games industry mental health charity, and as a mentor in the 2024 Limit Break mentorship scheme.

The post RAPTOR PR HIRES AWARD-WINNING JAMES LAW AS PR DIRECTOR appeared first on European Gaming Industry News.

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Soft2Bet Presents CampoBet.dk: Its Latest Casino and Sportsbook in Denmark

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Soft2Bet, a leading provider of technical solutions for online betting, announces the launch of CampoBet in Denmark for mobile and desktop users. Already an industry award-winning brand, CampoBet is now available under the name CampoBet.dk for Danish users, offering them a comprehensive betting experience across 30 different sports.

The CampoBet brand provides some of the best odds in the market on more than ten million sporting events per year and with a full range of pre-match and live betting options. In addition to its sportsbook offering, CampoBet also offers more than 3,000 casino games to its players including the best live casino products complete with high-quality production values and top-level professional dealers.

CampoBet.dk players will also have access to Soft2Bet’s award-winning Motivational Engineering Gaming Application (MEGA), the best gamification platform in iGaming, and will be able to take part in weekly challenges and rewards to enhance their playing experience with intelligent and engaging content.

All this is available through CampoBet.dk’s easy-to-navigate UI, providing a quality experience for players that is focused on simplicity and seamless payments for both new and experienced bettors.

“CampoBet.dk is an innovative online platform that offers a comprehensive betting experience and we are delighted to introduce it to our Danish customers,” the Chief Product Officer for Soft2Bet, Yoel Zuckerberg, said. “The user interface is fast, simple and flexible so that players can access their favourite betting markets and casino products with ease and make CampoBet.dk a firm favourite among iGaming enthusiasts in Denmark.”

CampoBet is already active in Malta and Sweden with CampoBet. com and CampoBet.se respectively and the launch of CampoBet.dk marks a significant milestone in Soft2Bet’s expansion into Denmark and the Nordics region in general. Both Soft2Bet and CampoBet have been shortlisted for prestigious industry awards in recent years and this year Soft2Bet’s gamification platform MEGA won the award for In-House Innovation of the Year at the EGR Nordics Awards.

CampoBet’s mobile app will also shortly be available to Danish Android and iOS users. For more information, please visit www. CampoBet.dk.

The post Soft2Bet Presents CampoBet.dk: Its Latest Casino and Sportsbook in Denmark appeared first on European Gaming Industry News.

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Thunderkick Unveils Sequel to Top-Performing Game with Midas Golden Touch 2

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Latest release features wild multipliers, Gift of Midas feature and thrilling bonus game

Independent slots studio Thunderkick has announced the launch of Midas Golden Touch 2, the highly-anticipated sequel to the acclaimed 2019 original.

This latest release invites players to rediscover an enchanted realm where everything King Midas touches turns to gold. The 3×5 video slot boasts 15 paylines and showcases Thunderkick’s signature high-quality design and innovative features.

In the base game, players can trigger the Gift of Midas feature at random, adding up to nine wild symbols or up to three scatter symbols to the reels. Wild symbols carry multipliers from 2x up to 32x based on the number of wilds in a winning payline.

Landing three or more scatters triggers the lucrative bonus game where any win activates a sticky re-spin feature. During re-spins, winning symbols lock in place while the rest of the reels re-spin, continuing until no additional winning symbols appear.

The Epic Wild symbol, starting with a 2x multiplier, is also added to the reels at the start of each free spin. Collecting three scatters during the bonus game doubles the Epic Wild multiplier up to 32x and awards two extra free spins.

Midas Golden Touch 2 also introduces new BET+ options, allowing players to increase their chances of triggering the bonus game. For an additional cost, spins can be 2x or 5x more likely to activate the coveted bonus game.

This release sees Thunderkick continue to develop high-quality, dynamic slots that have contributed to its significant growth, with recent releases Xterminate and 12 Bolts of Thunder receiving impressive player engagement rates.

“We’re excited to invite players back to King Midas’ kingdom with this feature-rich sequel,” the Game Product Owner for Thunderkick, Mike Collins, said. “With Midas Golden Touch 2, we want to offer a visually immersive journey filled with golden treasures and big win potential.

“Features such as the new BET+ options add an extra layer of choice and excitement. The original Midas Golden Touch was a player favourite and we believe this follow-up will resonate strongly with customers and operators worldwide.”

The post Thunderkick Unveils Sequel to Top-Performing Game with Midas Golden Touch 2 appeared first on European Gaming Industry News.

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