Published on June 28th, 2013 | by Anneli Hidalgo0
Sweco acquires Vectura
Sweco has signed an agreement with the Swedish government to acquire 100% of the shares in the consulting engineering firm Vectura.
Tomas Carlsson, President and CEO of Sweco.
The acquisition will create the largest engineering consultancy in the Nordic market, with annual sales of SEK 8,800 million and around 9,000 employees. Furthermore, the acquisition is expected to boost Sweco’s operationg profit with SEK 100 million by 2015, including identified synergies of more than 70 MSEK. This is, according to a press release, expected to increase earnings per share by nine per cent. The total purchase consideration amounts to SEK 927 million and will be paid in cash (equity value).
Vectura was formed in 2009 through the merger and incorporation of the Swedish Road Administration Consulting Services and the Swedish Railway Administration’s engineering services. With its 1,200 employees it is a provider of consulting services for transport infrastructure and has a strong position in the Swedish railway sector. The company has a presence in Sweden, Norway and Denmark.
“We are delighted to join forces with Vectura and together form the Nordic region’s leading consulting engineering company. By combining Vectura’s comprehensive expertise in transport infrastructure with Sweco’s forefront position in sustainable engineering and design, we will boost our growth in the Nordic region, in particular in Sweden and also in the fast growing Norwegian market,” said Tomas Carlsson, President and CEO of Sweco.
Vectura will be integrated in Sweco Sweden under the Sweco brand. The integration is scheduled for completion around year-end 2013.