Cherry AB acquires remaining shares in Game Lounge
Cherry AB has just signed an agreement to acquire the last 5% of shares in Game Lounge Ltd, so that the Group now has 100% ownership in the company. The decision was motivated by Game Lounge’s impressive growth and its bright prospects for the future.
Cherry Group currently owns 95% of Game Lounge, after it acquired the majority of outstanding shares of Game Lounge back in January 2018. Cherry’s Board of Directors is confident that Game Lounge will continue to enjoy sound market conditions and therefore, the acquisition of the remaining shares shall now be approved at Cherry’s Annual General Meeting.
The purchase of the remaining 5% of the shares consists in three parts: The first part is fixed and is equivalent to SEK 100 million, which will be paid in cash once Cherry gains possession of the shares. The second purchase consideration amounts to SEK 60 million and will be paid if Game Lounge’s consolidated EBITDA from 1 January 2019 to 30 June 2019 exceeds SEK 90 million, with a possible extension until 30 September 2019, in which case the EBITDA target will be SEK 150 million. The third part totals SEK 100 million and is conditional upon Game Lounge’s consolidated EBITDA exceeding SEK 300 million for any consecutive four calendar quarter period between 1st July 2019 and 31st December 2021, or between the 1st of October 2019 and the 31st of December 2021 if the measurement period for the second part of the purchase is extended.
The second and third parts of the purchase consideration will be entirely or partially paid in Class B shares in Cherry AB.
Game Lounge CEO Jonas Cederholm and Head of Sales Fredrik Langeland, both Co-Founders of the company, will remain in their current roles to continue to expand and strengthen the business and also remain shareholders in Cherry AB.
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