Another delay for MacGregor’s TTS buy

Cargotec’s MacGregor has yet to complete the acquisition of TTS Group’s marine and offshore businesses, originally proposed in February 2018.

Under the original agreement, the acquisition was subject to regulatory approvals from the competition authorities in Germany, South Korea, and China.

MacGregor, a provider of solutions for handling marine cargoes, vessel operations, and offshore loads, received approvals from the German regulator and South Korean Fair Trade Commission on November 6 and December 27, 2018, respectively.

The company had initially expected the deal to be complete in the first quarter of 2019. It then in March 2019 said the deal might be completed in the second quarter of the year citing regulatory delays in China, only to come out with a new expected timeline on Tuesday.

“Due to a longer than expected regulatory process in China, the company currently expects closing of the transaction to take place in Q3 2019,” MacGregor said.

Offshore Energy Today Staff

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