Swedish consultancy AF has launched a plan to buy Finnish consultancy Poyry for EUR 611 million (USD 698 million). The acquisition will make AF consultancy a major player in the European engineering and consulting market. AF would launch a cash tender to offer for Poyry’s shares at EUR 10.20 (US$ 11.63) apiece, or more than EUR 3 (US$ 3.42) above the target company's closing price of EUR 7 (US$ 7.98) on Friday (07th December 2018.

Investors holding more than half of the share capital are already committed to accepting the offer. AF consultancy has given acceptance period December 20 to January 31 of next year. The combined company will have more capability and investing capacity, the tie-up is expected to generate cost synergies of SEK 180 million (US$ 19.82 million) a year.