Finlands two largest computer-service firms, the privatly owned Tietotehdas and the state-owned VTKK will form a new company, TT Tieto Oy. The new group will have a turnover of 460 million U.S. dollars and employ around 3000 persons, and will be the market leader and largest firm in Finland in its sector. Tietotehdas will buy all of VTKKs' shares from the Finnish Government and will finance most of the acquisition through a directed share issue, after which the Finnish Government will be the single largest owner with 27,5 per cent interest of the shares.
In practice the new group will face a major restructuring and uniting of organisations. Overlaps exist in both administration and in the product range.
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