Jaakko Pöyry Group signed acquisition agreement in Austria and Czech Republic

4/15/2004, 9:31 AM (Source: GlobeNewswire)

Jaakko Pöyry Group Oyj and Verbund AG have signed an agreement on
April 14, 2004 according to which the ownership and voting rights in
subsidiaries owned by the Verbund group will be transferred to Jaakko
Pöyry Group Oyj as follows:

- 74.9 per cent of Verbundplan GmbH in Austria
- 97.25 per cent of Verbundplan Prüf- und Messtechnik GmbH in Austria
- 95.19 per cent of AQUATIS a.s. in the Czech Republic

The transaction price to be paid for the companies is EUR 6.1
million. The parties to the deal retain the option to buy/sell the
25.1 per cent interest in Verbundplan GmbH which remains in the hands
of a subsidiary controlled by Verbund AG. The option can be exercised
during 2008. The parties have the obligation to buy/sell this
interest if the other party so requires.

The companies' combined net sales for 2003 amounted to about EUR 45
million and they employ 470 people. The companies posted a slight
profit for 2003. The companies do not have any interest-bearing
debts. The effect of the deal on the Jaakko Pöyry Group's earnings
for 2004 is expected to be neutral and for 2005 positive.

The Board of Directors of Jaakko Pöyry Group Oyj approved the deal in
its meeting on April 8, 2004. The closure of the transaction is
subject to approval by Verbund's decision-making bodies, the
competition authorities in Austria and the Czech Republic as well as
to the completion of details related to change of control. The
necessary decisions are expected before the end of June 2004.

The Jaakko Pöyry Group announced the signing of a memorandum of
understanding concerning the acquisition in a stock exchange notice
dated December 2, 2003. The business operations of the acquired
companies and their strategic importance for the Jaakko Pöyry Group
are described in more detail in the above-mentioned notice and in the
Annual Report for 2003.

The Jaakko Pöyry Group will consolidate the acquired companies'
earnings for the period January 1 - June 30, 2004 in connection with
its earnings figures for the second quarter.


Erkki Pehu-Lehtonen
President and CEO

Teuvo Salminen
Deputy to President and CEO
Additional information:
Teuvo Salminen, Deputy to President and CEO, Jaakko Pöyry Group Oyj
Tel. +358 9 8947 2872, +358 400 420 285

Jaakko Pöyry Group Oyj's Stock Exchange Notice, December 2, 2003

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