Magnusson advises pan-European PE firm Agilitas in multi-jurisdiction acquisition of Tietoevry Tech Services

Magnusson is pleased to have advised pan-European mid-market private equity firm, Agilitas Private Equity LLP, on its agreement to back the buy-out Tietoevry Tech Services’ entities in Estonia, Latvia and Lithuania, as part of a broader acquisition by Agilitas of all Tietoevry’s business entities which also operate in Finland, Norway, Sweden, Slovakia and India. The buy-out was announced on March 24, 2025 and closed on September 2, 2025, having met certain closing conditions and customary regulatory approvals.

Led by Magnusson Denmark Managing Partner and Head of Corporate M&A, Sam Jalaei, the Magnusson Nordic Baltic team, including also Ligita Ramanauskaitė, Matīss Rostoks and Jaanus Mägi worked closely together as local legal counsel for Agilitas, hand-in-hand alongside the client’s esteemed UK and international legal counsels, O’Melveny and Ashurst.

Magnusson conducted legal due diligence, issued the corresponding reports, and successfully guided the client through regulatory approvals necessary for the acquisition to be closed in the target Baltic jurisdictions.

Tietoevry, a Finnish IT services company with over 23,000 employees globally, decided to sell its Tech Services division, which focuses on security, renewal and automation services for digital infrastructures, to streamline its portfolio. Post-closing, Tietoevry will now focus on its software businesses (Banking, Care, and Industry) and its global digital engineering business, Create. The Tech Services unit, a key player in the Nordic IT services market, operated as part of the Tietoevry Group until the deal closed, and will soon be rebranded under the name Vivicta.

Magnusson Denmark Managing Partner Sam Jalaei said of the deal,

“We are proud to support Agilitas in this multi-jurisdictional buy-out, strengthening their presence in the Nordics and Baltics. Agilitas is one of several PE firms we have had the pleasure of supporting recently and showcases our unique jurisdictional coverage in the Nordic Baltic region.”

By closing this deal, Agilitas, which already owns Aeven, a Danish infrastructure and services provider, aims to create a new Nordic /Baltic IT services powerhouse.

Magnusson’s assistance in this deal showcases our strength in advising market leading global clients from common law jurisdictions navigate complex, multi-jurisdictional transactions requiring Corporate M&A legal support in the Nordics.

Magnusson’s team was led by Magnusson Denmark Managing Partner and Head of Corporate M&A, Sam Jalaei. The Magnusson team also included partners Ligita Ramanauskaitė, Matīss Rostoks, Jaanus Mägi and Tom Froberg; Associates Simon Fraenkel, Matthew Campbell Thorn, Caya E. Christensen and Christian Granzow.