Brief: Tietoevry Approves Demerger Plan Of Its Banking Business

Tieto Oyj

15/02/2024 07:17

Feb 15 (Reuters) - Tietoevry Oyj  TIETO.HE :
    * INSIDE INFORMATION: TIETOEVRY'S STRATEGIC REVIEW OF ITS
BANKING
BUSINESS: TIETOEVRY'S BOARD OF DIRECTORS HAS APPROVED A DEMERGER
PLAN
    * TIETOEVRY BANKING PROPOSED TO BE SEPARATED AS A STANDALONE
COMPANY TO BE LISTED ON NASDAQ HELSINKI
    * DEMERGER IS SUBJECT TO SHAREHOLDER APPROVAL IN AN
EXTRAORDINARY
GENERAL MEETING, EXPECTED TO BE HELD IN JUNE 2024
    * PRELIMINARY TARGET TO COMPLETE DEMERGER ON 30 JUNE 2024
    * BOARD OF DIRECTORS RETAINS OPTIONALITY TO PURSUE OTHER
ALTERNATIVES FOR TIETOEVRY BANKING BEFORE COMPLETION OF
DEMERGER, IF IN BEST INTERESTS OF TIETOEVRY AND ITS SHAREHOLDERS
    * SHARES OF TIETOEVRY BANKING WOULD BE ISSUED AS DEMERGER
CONSIDERATION TO SHAREHOLDERS OF TIETOEVRY IN PROPORTION TO
THEIR EXISTING SHAREHOLDING WITH A RATIO OF 1:1
    * TRADING IN TIETOEVRY BANKING SHARES ON NASDAQ HELSINKI IS
EXPECTED TO COMMENCE ON OR ABOUT 1 JULY 2024, OR AS SOON AS
REASONABLY POSSIBLE THEREAFTER
    * IT IS ANTICIPATED THAT KLAUS ANDERSEN, WHO WAS APPOINTED
AS CEO
OF BANKING BUSINESS EFFECTIVE 1 FEBRUARY 2023, SHALL BE
APPOINTED AS FIRST PRESIDENT AND CEO OF TIETOEVRY BANKING

Source text for Eikon:  ID:nObiy6l8sa 
Further company coverage:  TIETO.HE 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))