Dutch engineering firm Grontmij has accepted a buyout offer from Sweco and the two companies have announced they have started integrating.
Swedish engineering and architecture giant Sweco announced its intention to buy Grontmij back in June with a bid of €354M (£258M). The acquisition will mean Sweco now has around 14,500 employees across 15 European markets. The move will bring annual turnover to around £1.25bn.
Sweco president and chief executive Tomas Carlsson (pictured) said: “With one move, we have become the European leader. We now have a more prominent role in planning and designing the communities and cities of the future”
He added: “Sweco and Grontmij complement each other perfectly. Both businesses are known for a strong customer focus and recognized expertise. Geographically, we operate in different markets, and this is a crucial platform for continued growth opportunities.”
The move is part of a massive acquisition strategy by Sweco, which has seen it buy around 100 companies over the past ten years. This has seen sales double every five years.
Sweco will hold just under 95% of Grontmij shares.
There is a post-closing acceptance period will run until October 9 to give the remaining Grontmij shareholders the opportunity to tender their shares into the offer.