Nordics IT services firm Tieto has been given final approval from the Norwegian authorities to press ahead with the completion of its €1.5bn mega-merger with Norwegian rival EVRY, which is due to go ahead on 5 December.
The combined services firm will be worth €2.9bn with 24,000 employees focusing on digital, consultancy and cloud services.
The Finnish firm claims this will make it one of the largest digital services companies in the Nordics.
The execution of the merger is expected to be registered at the Finnish Trade Register with a new brand name: TietoEVRY Corporation.
In order to meet the Norwegian Competition Authority's consumer competition requirements, Tieto agreed to divest EVRY's case management and archiving systems for the public sector in Norway prior to the closing of the merger.
That particular EVRY business unit has been sold to Karbon Invest AS.
The shareholders of EVRY will receive 0.12 new shares in TietoEVRY and NOK 5.28 in cash for each share in EVRY owned by them as merger consideration.
As part of the merger, Tieto also announced a management restructure last month.
Tieto's CEO Kimmo Alkio will stay on as chief executive of the new combined firm.
Meanwhile, EVRY's current CEO, Per Hove, will continue to work with Alkio on "special projects".
Alkio will also be joined by Satu Kiiskinen as the new managing partner for Finland (who currently serves as managing partner Finland at Tieto); Christian Pedersen, as managing partner for Norway (currently EVP, EVRY Norway and EVRY Nordic Consulting) and Karin Schreil, as managing partner in Sweden (currently EVP, EVRY Sweden).
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