Tieto's public offer for Avega
Tieto completes the public offer for Avega to strengthen its footprint in Sweden. On 23 October 2017, Tieto Sweden AB, a directly wholly owned subsidiary of Tieto Oyj, announced a recommended public cash offer to the shareholders of Avega Group AB (publ). All conditions for completion of the offer were fulfilled during the tender period ending 28 November. Tieto will accordingly complete the offer and settlement in respect of shares duly tendered up until 28 November 2017 will begin on or around 7 December 2017.
The acquisition will accelerate Tieto’s growth businesses and strengthen its footprint in the Swedish consulting-led market. Avega has approximately 350 employees and its net sales was EUR 45.2 million (SEK 428 million) in 2016.