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Finland: Tieto to snap up Norwegian IT rival Evry for €1.3B

 |  June 18, 2019

Finnish software firm Tieto announced on Tuesday, June 18, that it will purchase its Norwegian competitor, Evry, in a transaction valued at €1.3 billion (US$1.46 billion).

Tieto will hand over a 37.5% stake in the new company to Evry shareholders in addition to a cash payout of roughly €200 million (US$223.9 million).

Tieto stated said in a press release that the transaction will create one of the most competitive digital services firms in the Nordics providing software and cloud solutions, among others.

Once the deal goes through, the combined firm will be known as TietoEVRY. It will have a workforce of 24,000 and its estimated turnover will be around three billion euros. Tieto also stated said that it has identified annual savings of €75 million (US$83.9 million) resulting from the merger. In April, the firm announced a plan to cut 700 jobs worldwide, 210 of them in Finland.

Full Content: Reuters

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