Cherry takes 49% stake in ComeOn

Cherry has completed the acquisition of a 49% stake in ComeOn Malta.

The consideration has been paid with €39.7 million (€43.8 million) in cash and 2,901,475 in B-shares, amounting to a total cost of €80 million.

The issue of shares has been directed to the sellers of ComeOn and represents a 16.8% dilution in Cherry.

Cherry, which expects the deal to have an immediate positive effect on its profit after financial items and cash flow, also has the option to purchase the remaining 51% stake in ComeOn.

This option can be exercised during the period October 1 to December 31 this year.

Fredrik Burvall, chief executive of Cherry, said: “Now we have completed the acquisition of the first 49 percent of ComeOn, we will, together with ComeOn, initiate the work of maximising our common values and customer offerings with the goal to strengthen our common operation.

“It is important that we and ComeOn clearly schedule the process so that when the final integration takes place it will be both swift and efficient.”

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