Leading Nordic IT company Tieto, and Norway’s largest IT company Evry, announced a merger agreement to create one of the most competitive digital services and software companies in the Nordics. The merger is one of the Nordic region’s largest IT transactions.
Combination of the two companies will be carried out by way of a cross-border merger pursuant to the Norwegian and Finnish Companies Acts, where the new company will be named TietoEvery. Based on a pro forma calculation of non-audited financial statements at year-end 2018/19, the joint company would have had a combined revenue of close to EUR 3 billion and 24,000 professionals, serving thousands of customers in both the private and public sectors in more than 90 countries. The merger is conditional on approval of the respective shareholders of the companies, and customary merger control approvals. As a consequence of the merger Evry will be dissolved.
Completion of the merger is expected to take place during the fourth quarter of 2019, or during the first quarter of 2020 at the latest.
Lindahl has advised Tieto in the transaction, primarily regarding structural issues, competition law and merger control, as well as due diligence. Lindahl’s team consisted of Gabriel Svedberg (responsible partner), Hugo Norlén, Michael Edquist, Caroline Björlingson, Mikael Olsson, Patrik Rindstål, Erik Husdal, Filip Markhed, Disa Almqvist, Monica Lindström and Carolin Martinez.