Swedish engineering company Atlas Copco said Monday it agreed to buy paving equipment company Dynapac for 6.3 billion kronor (695 million euros; $902 million) from the Altor 2003 Fund.
The company said the acquisition will help it expand into the Chinese and Indian road construction market.
"Atlas Copco has identified road construction as a strategic growth area," said Bjorn Rosengren, president of Copco's construction and mining technique unit. "It is a market of about 30 billion kronor (3.3 billion euros; $4.3 billion) with an expected growth of 4-5% annually."
Dynapac is headquartered in Malmo, Sweden and has 2,100 staff. It has an annual turnover of around 4.6 billion kronor (507 million euros; $658 million).