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Pöyry to join forces with ÅF

Upon completion of the merger, the new head office of ÅF-Pöyry will be located in Stockholm, Sweden.Wikimedia Commons

Finnish company Pöyry is set to join Swedish firm ÅF to form a leading engineering and consulting company in Europe.

Pöyry and ÅF have signed an agreement to combine the two companies, with ÅF set to launch a recommended public cash tender to purchase all the shares in Pöyry.

The offer price, to be paid fully in cash, is 10.20 euros per share, valuing Pöyry at 611 million euros. The tender offer period is expected to commence on 20 December and last until 31 January.

“ÅF and Pöyry together form a new Nordic knowledge giant, a leading developer and supplier of sustainable technological solutions,” said Martin à Porta, president and CEO of Pöyry. “By combining and connecting our resources, in-depth expertise and multidisciplinary skills, we will scale up a much stronger platform with international coverage, and be positioned to better service the evolving needs of clients.”

The combined company will operate under the name ÅF-Pöyry and will be divided into five divisions: infrastructure, energy, process industries, industrial and digital solutions, and management and consulting.

The headquarters will be located in Stockholm and the combined company headed by ÅF CEO and president Jonas Gustavsson. The combined revenue of the two companies was around 1.84 billion euros for the 12 months ending on 30 September 2018 and their full-time equivalent (FTE) employees number on average just under 15 000.

The completion of the deal is still subject to certain conditions, including ÅF securing all the necessary regulatory approvals and obtaining more than 90 per cent of Pöyry’s shares by the end of the tender offer period.

Published on 10.12.2018