Sweco AB said Monday it is completing its acquisition of rival engineering consultancy Projektengagemang Sweden AB after its cash offer was accepted by nearly 98% of shareholders.
The company's subsidiary, Sweco Sverige, first announced its recommended offer of 15 Swedish kronor a share on June 4, a deal which valued Projektengagemang at about 361 million kronor.
At the end of the acceptance period on July 11, shareholders representing 97.9% of the outstanding shares and 99.2% of the votes had accepted the offer, according to the company, surpassing the 90% acceptance threshold.
"We are convinced that the acquisition will strengthen our competitiveness further by broadening our client offering, reaching new growth opportunities and enhancing our local presence in Sweden," Sweco Group CEO Åsa Bergman said in a statement.
Sweco said it will now initiate proceedings to buy out the remaining shareholders and will seek to delist Projektengagemang's shares from the Nasdaq Stockholm exchange.
The company said payment to shareholders who accepted the offer is expected to begin around July 17 and that the offer is now closed.
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