Cherry AB has confirmed the sale of approximately 98% of its total shares to European Entertainment Intressenter, while at the same time reporting heavy revenue and EBITDA increases during 2018.

EE Intressenter made a public cash offer of SEK 87 ($9.63) per share in December 2018, with an independent Cherry bid committee recommending shareholders accept the bid.

On 25 January, EE Intressenter announced 43% of Cherry shares had been bought, while it was declared yesterday that 98% of shares were now under its control.

In its trading update, meanwhile, Cherry reported a 44% year-on-year increase in consolidated revenue to SEK 3.23bn for 2018 and an 89% rise in EBITDA to SEK 813m.

Acting Cherry CEO, Gunnar Lind, said: "Cherry’s development in 2018 can be summarised with one word: excellent. On almost all measurements, our operations delivered in line with our expectations."

Cherry subsidiary Yggdrasil also posted its financial results for 2018, reporting an increase of 62% in total operating revenues to SEK 274.2m.

EBIT rose by 18% to SEK 69.5m, corresponding to an EBIT margin of 25% - although this margin fell by 10% from 2017.