2025-06-04-Jefferies-斯威科（SWECB）_初步观点_宣布对Projektengagemang的收购要约_7页_101kb

Acquisition Offer by Sweco
Sweco has made a recommended cash offer to acquire all shares of Projektengagemang at SEK 15.00 per share, representing an 117% premium over the last closing price. The offer is supported by shareholders representing 62.6% of the capital and 80.8% of voting rights. It is conditional on Sweco acquiring more than 90% of the shares and receiving regulatory approvals. The acceptance period runs from June 5 to July 11, 2025.

Strategic Reasons
This acquisition aligns with Sweco's ambition to consolidate its position in the Swedish architecture and engineering consulting market. Projektengagemang brings complementary expertise and regional strength, enhancing Sweco's multidisciplinary services and client reach. The deal is expected to improve competitiveness and operational synergies.

Analyst Views
The equity research assigns a HOLD rating with a price target of SEK 190.00. Key risks include competitive issues, employee retention concerns, and potential integration challenges. Jefferies analysts certify the views are based on fundamental analysis.

Company Context
Sweco provides engineering and architecture services with a strong presence in Sweden. The valuation is based on DCF models, with a fair value of SEK 190.

Completion Conditions
The offer is subject to regulatory approvals and the absence of material adverse changes. The acceptance threshold requires over 90% share approval.