Solidium supports the transaction announced today by Tieto Corporation and EVRY ASA to combine the two companies through a merger. The foundation of the merger is based on highly complementary businesses in Norway, Finland and Sweden. With combined revenue of close to EUR 3 billion and 24,000 professionals, TietoEVRY will be well positioned to create digital advantages for Nordic enterprises and society. TietoEVRY will have its legal domicile in Espoo, Finland.
Solidium’s shareholding in Tieto is currently 10.0%. According to t terms of the transaction, after completion of the merger Solidium’s shareholding would be diluted to 6.3% since EVRY’s shareholders will hold 37.5% of TietoEVRY. The completion of the merger is subject to customary conditions, including the approval of the extraordinary shareholders meetings of Tieto and EVRY.
Solidium, Cevian Capital Partners and Apax Partners LLP have irrevocably undertaken, subject to certain customary conditions, to vote in favour of the combination. These parties also express their intention as shareholders of the combined company to, support, through their respective representatives on the TietoEVRY’s Shareholders’ Nomination Board, the election of board members nominated by each such party.
Further information: CEO Antti Mäkinen, tel. +358 (0)10 830 8905
Solidium is a limited company wholly owned by the State of Finland. Its mission is to strengthen and stabilise Finnish ownership in nationally important companies and increase the value of its holdings in the long term. The basis and core objective of Solidium's strategy is proper, value-enhancing asset management of its current holdings. Through its stakes, Solidium is a minority owner in thirteen listed companies: Elisa, Kemira, Konecranes, Metso, Nokia, Nokian Tyres, Outokumpu, Outotec, Sampo, SSAB, Stora Enso, Tieto and Valmet. The market value of Solidium’s investments is approximately 7.9 billion euros. Further information: www.solidium.fi