Cherry Approached for acquisition at $1 billion

Cherry AB the Swedish based gaming company has been approached by a British private equity company to acquire the company for some $1 billion. Bridgpoint has made the offer for the gaming firm that has multiple brands within the online gaming industry, both as an operator and supplier of games.

The offer has already been accepted by an independent committee which was setup to evaluate the offer, the news of the buyout saw Cherry shares which trade on the Nasdaq Stockholm jump 18.3%.

Mike Harold a partner at Bridgepoint said on the offer, “We believe that many of the opportunities and challenges facing Cherry and its subsidiaries are easier to approach in a private setting and with a more favourable capital structure.”

Bridgepoint is a combined consortium of companies and people which include well known industry names such as Pontus Lindwall and even Chairman of Cherry Morten Klein.

Given that Klein is Chairman of Cherry that is why an independent committee was setup to review the offer.