The Cherry gambling group has announced that it has exercised its option to acquire another 7.8 percent of the shares of Highlight Games Ltd.
In addition, Cherry has acquired shares corresponding to 15.1 percent of the company from parties not active in the company.
The total purchase price amounts to GBP 5.4 million, which will be paid in cash. Following the transactions, Cherry’s total ownership in Highlight Games amounts to 60.4 percent of outstanding shares.
A statement from Cherry Tuesday advises that Highlight Games 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 Highlight Games will 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 Euro 2 billion Italian virtual sports market.
Looking ahead, the company says it 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.