Tieto Corporation Oyj, a listed Finnish IT service company, and the Swedish Enator Group, one of the largest IT companies in the Nordic region, are to merge. The new group, to be named Tietoenator, will create one of the leading suppliers of professional IT services in Europe. Tietoenator's domicile will be in Finland and its shares will be listed both in Helsinki and Stockholm. The merger will be conducted through a public offer by Tieto to the shareholders of Enator. The signing of the final merger agreement is planned to take place by the end of March, 1999.
Tietoenator had pro forma revenues of EUR 1 081 million in 1998 with an operating profit of EUR 105 million. The new company will employ around 10 500 people.
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