Poyry to acquire elements of Vattenfall engineering consultancy

Finland's Poyry has agreed to acquire elements of Sweden-based Vattenfall's consultancy business, currently known as Vattenfall Power Consultant AB.

The engineering consultancy, focusing on hydropower, wind power and power networks as well as thermal power, will be incorporated into a newly-established company in Sweden to be called SwedPower AB, Vattenfall reported.

SwedPower AB will provide advisory, engineering and project management services to clients pursuing projects in the fields of hydropower, wind energy generation, thermal power and power networks.

The transaction is conditional to completion of a due diligence process, the agreement on transitional services and the final approvals of the boards of directors of Poyry and Vattenfall. Completion is expected to take place at the latest by the end of June 2011.

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