Cherry AB has exercised its option to acquire 7.8% of the shares of Highlight Games. In addition, Cherry has acquired shares corresponding to 15.1% of the company from parties not active in the company.
The total purchase price amounts to £5.4 million. Following the transactions, Cherry’s total ownership in Highlight amounts to 60.4% of outstanding shares.
The group now holds more than 50% of the number of outstanding shares in the firm and the company is consolidated in the Cherry Group as of today.
Highlight offers a unique and patented product, together with multi-year rights to use footage from inter alia historical football matches to create unique virtual sports content. The company has now started deployment of its SOCCERBET game into several African countries.
In the coming months it will also be launching in Italy with Eurobet, with a planned deployment strategy to include a number of the leading Italian operators as the company targets the 2 billion euro Italian virtual sports market.
Looking ahead, the company is exploring a number of new opportunities across several sports in emerging markets, with its innovative sports product uniquely using archive live-action sports footage.