It has been revealed today that two of Europe’s most influential engineering and consultancy companies are to be merged as ÅF seeks to purchase Finnish company Pöyry for €611 million.
Following a unanimous decision from the Pöyry board, ÅF will be launching a cash tender offer for the entire share capital which will result in the formation of a combined company. It will be known as ÅF-Pöyry and be divided into five divisions: infrastructure, energy, process industries, industrial and digital solutions, and management and consulting.
Jonas Gustavsson, President and CEO of ÅF, said:
“Pöyry and ÅF are two of the leading engineering and consulting companies in Europe. By joining forces, we create a strong platform for international growth. We will enable clients to grow by offering our joint and leading expertise within, for example, industrial digitalization, smart cities and future energy solutions. With our larger scale, more resources and our engaged and talented people, we will improve our ability to take on even larger and more complex assignments, meeting our clients’ needs for advanced sustainable solutions for the future generations.”
Martin à Porta, President and CEO of Pöyry, believes that the merger will form “a new Nordic knowledge giant” and that they have the “the ambition, energy and ideas to take things to the next level”.
The completion of the deal is subject to certain conditions, but the Directed Share Issue is expected to be completed during the first quarter of 2019.
Individually, both companies are largely involved in the waste, bioenergy and recycling sectors. Together, it is hoped that they will become a strong competitive player in the European market, with their long heritage in cutting-edge engineering and advisory, and ultimately contribute to sustainable societies.
Image: SabinaKraupp [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], from Wikimedia Commons.