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2016-07-20

Cherry: Cherry completes acquisition of 49% of shares in ComeOn

Cherry AB (publ) announces that the company has, as of today,
completed the acquisition of the first 49 percent of shares in ComeOn
Malta Ltd. Cherry's acquisition means that the company's market
position will be considerably strengthened in Scandinavia with strong
brands including ComeOn, Mobilbet, Folkeautomaten and Casinostugan.
The transaction also brings fantastic opportunities for continued
international expansion.

The consideration for the 49 percent has been paid with 2,901,461
B-shares and EUR 39.7 million in cash - a total of EUR 80 million.
The issue of shares has been directed to the sellers of ComeOn and
represents a 16.8% dilution in Cherry.

ComeOn is expected to have an immediate positive effect on Cherry's
earnings per share.

ComeOn reported preliminary sales of approximately EUR 48 million and
an EBIT for the period January 1, 2016 to June 30, 2016 amounting to
approximately EUR 10 million. The figures are adjusted for certain
items and have been provided by the sellers and has not been subject
for audit or review by Cherry. This shows that ComeOn's financial
performance is in line with the group's expected operating profit for
2016 of EUR 19-23 million. This result is the basis for the final
purchase price.

"Now we have completed the acquisition of the first 49 percent of
ComeOn, we will, together with ComeOn, initiate the work of
maximizing our common values and customer offerings with the goal to
strengthen our common operation. It is important that we and ComeOn
clearly schedule the process so that when the final integration takes
place it will be both swift and efficient," says Fredrik Burvall, CEO
of Cherry.

The final and total consideration for the shares in ComeOn will also
be paid with a combination of newly issued shares and cash. The cash
part is to be financed with an expansion of the corporate bond, and
the price for the new share issue will be calculated as the volume
weighted average share price during the fifteen trading days
following Cherry's announcement to exercise the option to acquire the
remaining 51 percent in ComeOn (tranche two). The option can be
exercised during the period October 1, 2016 to December 31, 2016. The
total consideration can be a maximum of EUR 280 million on a
debt-free basis.

For further information, please contact:
Fredrik Burvall, CEO Cherry AB (publ), telephone +46 8-514 969 52, +46
709 279 632, Email: fredrik.burvall@cherry.se Gunnar Modalen, Head of
Investor Relations & Communication Cherry AB (publ), telephone +46
702 802 636, gunnar.modalen@cherry.se

Cherry in brief
Cherry is a Swedish gaming company established in 1963 specialized in
online casinos and lotteries (www.CherryCasino.com,
www.EuroLotto.com, www.EuroSlots.com, www.SpilleAutomater.com,
www.NordicSlots.com, www.NorgesSpill.com, www.SveaCasino.com, www.
SuomiAutomaatti.com, www.Sunmaker.com and www.SunnyPlayer.com),
affiliate business through Game Lounge and games development
(www.Yggdrasil.com), through subsidiaries in Malta. Cherry is the
market leader in casinos in restaurants and nightclubs in Sweden.
Cherry employs around 750 people and has more than 3,800
shareholders. The Company's B-shares are listed on AktieTorget.

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http://news.cision.com/cherry/r/cherry-completes-acquisition-of-49--of-s...
http://mb.cision.com/Main/6923/2049030/542274.pdf

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