The services provided by SwedPower will range from advisory services to engineering and project management. The operations are primarily in the Nordic region with the main focus on Sweden. The company will employ a staff of approximately 360 persons, the majority of whom are located in Sweden.

“Pöyry is very pleased to have the Vattenfall experts join Pöyry,” said Heikki Malinen, President and CEO of Pöyry. “Vattenfall has decades of experience from engineering and implementing projects in the energy sector. With Vattenfall experts joining Pöyry, we will together be able to offer our clients unique solutions in hydro, thermal, power networks and renewable energy. This joining of forces will also open major opportunities for common projects globally. For Pöyry, the acquisition is a major step in growing the energy business in Sweden.”

“We are pleased to have found a new owner for our Swedish engineering consultancy business in such a respected company as Pöyry,” added Christopher Eckerberg, Vice President and Head of BU Engineering of Vattenfall. “SwedPower will continue to be an important engineering partner for Vattenfall and a great place for our people to continue developing their skills.”

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 Pöyry and Vattenfall. Completion is expected to take place at the latest by the end of June 2011.

No information on the costs of the acquisition was available.