28.6.2019

Cevian Capital Partners – Combination of Tieto and EVRY

We acted as adviser to Cevian Capital Partners Ltd, Tieto Corporation’s largest shareholder, in a transaction in which Tieto Corporation and EVRY ASA join forces to create a leading Nordic digital services company. The transaction will be highly complementary from a geographical, offering and customer perspective. It will also create one of the largest digital services communities in the Nordics.

The proposed combination will take the form of a statutory cross-border absorption merger of EVRY into Tieto pursuant to the Norwegian and Finnish Companies Acts. Cevian Capital Partners Ltd, Solidium Oy and Apax Partners LLP, the largest shareholders in both Tieto and EVRY, support the combination and have issued pre-commitments. Apax, Cevian and Solidium have issued non-binding statements of intention according to which each will, through its representative on TietoEVRY’s Shareholders’ Nomination Board, and until the second annual general meeting of Tieto following the completion of the combination, support each other’s proposal for members of TietoEVRY’s Board of Directors. Completion of the merger is conditional on approval of the respective EGMs of Tieto and EVRY, and customary merger control approvals.