TIETO COMPLETES THE PUBLIC OFFER FOR AVEGA TO STRENGTHEN ITS FOOTPRINT IN SWEDEN
Tieto Corporation Press release 1 December 2017 9.00 EET
This press release may not be published or otherwise distributed, in whole or in part, in or into, directly or indirectly, Australia, Hong Kong, Japan, Canada, New Zeeland, South Africa or the USA, or any other jurisdiction where making the public offer or the distribution of this press release would be in conflict with any applicable law or regulation or would require any additional offer documents or registrations or other measures in addition to those required by Swedish law.
TIETO COMPLETES THE PUBLIC OFFER FOR AVEGA TO STRENGTHEN ITS FOOTPRINT IN SWEDEN
On 23 October 2017, Tieto Sweden AB, a directly wholly owned subsidiary of Tieto Oyj, announced a recommended public cash offer to the shareholders of Avega Group AB (publ).
All conditions for completion of the offer have been fulfilled, including the offer being accepted by shareholders to an extent that Tieto becomes the owner of shares representing more than 90% of the total number of the outstanding shares in Avega. Tieto will complete the offer and settlement in respect of shares duly tendered up until 28 November 2017 will begin on or around 7 December 2017.
Details about the offer completion, including compulsory acquisition proceedings and a de-listing of the class B shares in Avega from Nasdaq Stockholm, are available at www.tieto.com/Avega.
“We warmly welcome Avega colleagues to Tieto. Avega’s experienced team has strong consulting capabilities and competences in digital transformation which is an asset in the Swedish consulting-led market. Together we can provide customers across the Nordics extensive advisory and modernization services – and we truly look forward to jointly seizing the opportunities to develop our customers’ business”, says Kimmo Alkio, Tieto’s President and CEO.
The acquisition will accelerate Tieto’s growth businesses and strengthen its footprint in the Swedish consulting-led market. Avega has approximately 350 employees and its net sales was EUR 45.2 million (SEK 428 million) in 2016. Avega will be consolidated to Tieto as from the settlement of shares on or around 7 December.
For further information, please contact
Investors:
Lasse Heinonen, CFO, tel. +358 2072 66329, +358 50 393 4950
Media:
Kia Haring, Head of Global Communications and Corporate Responsibility, +358 40 765 3700
Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customers’ first choice for business renewal by combining our software and services capabilities with a strong drive for co-innovation and ecosystems. Headquartered in Finland, Tieto has over 13 000 experts in close to 20 countries. Tieto’s turnover is approximately EUR 1.5 billion and shares listed on NASDAQ in Helsinki and Stockholm. www.tieto.com
DISCLAIMER
This press release is for general information only and does not constitute or form part of any offer to purchase, or any solicitation of an offer to sell or any invitation to participate. Tieto Oyj has not made and will not make any such offer, solicitation or invitation. Investors may accept the public offer for the shares only on the basis of the information provided in a public offer documentation when available.