AF Consult to buy Poyry for €611m

AF AB, Swedish technical consultancy firm, will buy smaller Finnish peer Poyry for €611m ($695m) to create a leading European engineering and consulting business. AF would launch a cash tender offer for Poyry at €10.20 per share, implying more than 45% premium above the stock’s closing price on the day before announcement. The combined company, called AF-Poyry, will be led by AF’s current chief executive Jonas Gustavsson. “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.” Jonas Gustavsson, President and CEO of AF, commented.