Notes to the consolidated financial statements (IFRS)

14. ACQUISITIONS AND DISPOSALS
 
Acquisitions in 2014
 
Tieto completed 2 acquisitions during 2014, which individually and as a whole are not material to the consolidated financial statements.
As of April 2014 Tieto acquired part of Siemens Convergence Creators’ businesses.
As part of the transaction 220 employees were transferred to Tieto. No goodwill arose from the acquisition.
 
In the end of December 2014 Tieto acquired 40% of the shares in FD Finanssidata Oy, Tieto's ownership after the acquisition being 100%. The previously held interest of 60% in the joint venture was valued at the transaction date fair value.
 
The following table summarizes the total considerations, the fair values of the assets acquired and liabilities assumed of the acquired businesses.
 
Consideration
 
EUR million    
Paid in cash   1.0
Net working capital adjustment   -1.3
Previously held interest at fair value   1.6
Total consideration   1.3
 
 
Recognized amounts of identifiable assets acquired and liabilities assumed
 
EUR million   Recognized on acquisition
Cash and cash equivalents   4.7
Receivables   1.2
Deferred tax assets   0.5
Current liabilities   -4.5
Non-current liabilities   -0.8
Total net assets   1.1
Goodwill   0.2
Total   1.3
 
 
Disposals in 2014
 
As of February 2014 Tieto disposed of the PKI & Net design businesses in Denmark.
 
The capital gain related to the disposed businesses at the date of disposal is specified below:
 
EUR million   Recognized on disposal
Current liabilities   -0.2
Fair value of net assets   -0.2
Goodwill allocation on disposals   0.5
Total net asset allocation on disposals   0.3
Received in cash   0.6
Capital gain   0.3