Finland's Tieto to sell Italy, Spain operations

HELSINKI Thu Dec 13, 2012 4:01am EST

HELSINKI Dec 13 (Reuters) - Nordic IT services provider Tieto said it was selling its operations in Italy and Spain to a private company, GEA Enterprises, to focus on its main markets .

Tieto, which competes with bigger services providers such as Accenture and IBM, said those operations mostly served the local telecoms sector and accounted for 32 million euros ($41.7 million) in sales last year. It added that the divestment will not significantly affect its profitability.

Tieto reported net sales of 1.8 billion euros last year.