Swedish gaming operator Cherry is exploring options for its online casino and sports betting subsidiary ComeOn, including a sale.
According to Reuters, 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.
Owned by private equity firm Bridgepoint, 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.
ComeOn could be valued at around €500m in a sale, based on eight to nine times EBITDA of €60m projected for next year.
