Online gaming company Cherry AB has announced a decision to acquire an additional 7.5% share in Maltese company Almor Holding Limited, for a fee of $4.85m.

Cherry Ab have confirmed the additional share purchase was made due to ‘continued favourable development of Almor’s group of brands’ and will be paid for by a combination of equal portions cash and newly issued shares in Cherry AB.

Almor is an online operator offering casino and sportsbook in primarily German-speaking countries.

Cherry’s current holding in Almor amounts to 82.5% and will amount to 90.0% following the completion of the additional purchase.

The company holds the right to utilise its option to buy the remaining shares in Almor in the first six months of 2019.

This option to acquire additional shares is based on a multiple of five times EBIT, calculated as an average of the years 2017 and 2018.