Tieto Oyj, through its Swedish subsidiary Tieto Sweden AB (“Tieto”), announced on 23 October 2017 a recommended public takeover offer to the shareholders of Swedish IT consulting company Avega Group AB (publ) (“Avega”). The offered consideration in the offer amounts to SEK 40 in cash for each share and the total value of the offer amounts to approximately SEK 462 million. Avega’s class B share is admitted to trading on Nasdaq Stockholm.

Avega is a Swedish IT consulting company specialised in digital transformation. Avega has approximately 350 employees and its revenue in 2016 amounted to approximately SEK 428 million.

Tieto is one of the leading IT service providers in the Nordic countries and offers a broad range of IT services, software-based industry solutions and product development services within the communications and embedded technologies area. The parent company’s share is admitted to trading on Nasdaq Helsinki and Stockholm. Tieto Group has operations in 23 countries and has approximately 13,000 employees. The revenue in 2016 was approximately EUR 1,493 million.

Gernandt & Danielsson is advising Tieto with a team primarily consisting of Partners Dick Lundqvist and Fredrik Palm, Senior Associate Erik Åslund and Associates Martin Bengtsson and Rikard Sundstedt. Partner Rolf Larsson and Associate Elin Eliasson is advising in relation to competition law.