Sweco AB said Friday it has received all necessary regulatory approvals for its cash offer to acquire engineering consultancy Projektengagemang Sweden AB, clearing a key condition for the deal.
The company received approvals from the Swedish Competition Authority and the Swedish Inspectorate of Strategic Products, according to a statement.
The approvals relate to a recommended cash offer made on June 4 by Sweco's subsidiary, Sweco Sverige AB, to acquire Projektengagemang for 15 Swedish Kronor per share, valuing the company at approximately 360.8 million Swedish Kronor.
The offer represented a premium of about 117% over the closing price on the day before the announcement and had already secured undertakings of acceptance from shareholders representing over 62% of shares.
The acceptance period for the offer expires Friday, the company said.
Sweco Group CEO Åsa Bergman said in a previous statement that “Projektengagemang, which is represented nationwide, is a perfect match for Sweco, as an acquisition would increase business opportunities through an enhanced client offering.”
Assuming the offer is declared unconditional by July 14, payment to shareholders is expected to begin around July 17.
The offer remains conditional on being accepted by shareholders representing more than 90% of the shares in Projektengagemang.
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