Visma ASA’s (NO) merger with SPCS ASA (NO/SE) — NOK 835 million

Carnegie acted as adviser in a fairness opinion to Visma regarding the exchange ratio between Visma ASA and SPCS ASA in connection with the merger of the two companies. Prior to the merger, SPCS ASA was listed on the Oslo Stock Exchange as well as the Stockholm Stock Exchange.July, 2001.