Swedish gaming group Cherry weighs sale of ComeOn, sources say
By Amy-Jo Crowley
LONDON, Oct 24 (Reuters) -Swedish gaming operator Cherry is exploring options for its online casino and sports betting subsidiary ComeOn including a sale, two people familiar with the matter said.
Cherry would be the latest European gambling group looking to divest its consumer-focused brands in order to focus on its business providing software and services to online gaming firms. Britain's Playtech PTEC.L in September announced the sale of its Italian gaming unit Snaitech to Paddy Power owner Flutter for 2.3 billion euros.
Owned by private equity firm Bridgepoint BPTB.L, the Swedish firm is working with bankers at Moelis and Jefferies to explore options for ComeOn, which runs online casinos including Saga Kingdom and Getlucky, the people said.
ComeOn could be valued at around 500 million euros ($648 million)in a sale, based on eight to nine times earnings before interest, tax, depreciation and amortisation (EBITDA) of 60 million euros projected for next year, the people said.
Spokespeople for Bridgepoint, ComeOn, Moelis and Jefferies declined to comment, while Cherry could not be reached for comment.
The process is in the early stages and Cherry is expected to proceed with an auction later this year, said the people. They noted that no sale was guaranteed and declined to be named discussing confidential information.
A consortium led by Bridgepoint took Cherry off the Nasdaq Stockholm in 2018 for 9.19 billion Swedish crowns - equivalent to $1 billion at the time. Cherry, founded in 1963, operates in online gaming, restaurant casinos and gaming development. It completed its 280-million-euro acquisition of ComeOn in 2017.
Potential bidders for ComeOn include European gambling operators and private equity firms with assets in the sector, the people said. ComeOn, founded in 2008 and led by CEO Juergen Reutter, has 15 brands and more than 550 employees across Europe.
($1 = 0.9266 euros)
($1 = 10.5663 Swedish crowns)
Reporting by Amy-Jo Crowley
Editing by Tomasz Janowski
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