EVRY (Buy, TP: NOK45.00) - Merger with Tieto approved
Tieto and EVRY today announced that they have received all required regulatory approval needed to complete their merger, EVRY now having sold off a minor business unit in Norway. EVRY’s last day of trading is expected to be 4 December, and the first day of trading for TietoEVRY is expected to be 5 December. We have raised our target price for EVRY to NOK45 (44), to reflect the implied value of EVRY shares based on our Tieto target price (see our report on Tieto here).EDB Business Partner is a vendor of IT services in the Nordic region. Co. is organized into three business areas: Solutions; Application Services and IT Operations. The Solutions business area offers a range of software and consulting services for the Nordic banking and finance sector. The Application Services business area delivers a range of consulting services, through Guide Konsult in Sweden and Avenir in Norway. The IT Operations business area comprises network services, infrastructure and applications operations, security services, user support, as well as electronic business support services such as invoice management, payment services, messaging and printing.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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