Austria’s Palfinger Marine set to buy Norway’s TTS Group
Austrian crane specialist Palfinger Marine is looking to acquire the Norwegian cranes and offshore access systems provider TTS Group.
Palfinger, via its subsidiary Palfinger Marine, will offer NOK 5.60 in cash for one TTS share in the event of a positive due diligence outcome.
The board of directors of TTS has resolved that shareholders of TTS Group ASA accept the offer.
Subject to the positive outcome of the due diligence audit and the official approvals, the intended acquisition is expected to be finalized in the fourth quarter this year, but latest in January 2017.
The offer price values the total share capital of TTS Group ASA on a fully diluted basis at approximately NOK 600 million.
This represents a premium of approximately 65% to the closing share price in TTS Group ASA on 17 June 2016, the last trading day prior to the announcement of the Offer and a premium of approximately 76% to the three-month volume weighted average share price in TTS Group ASA for the period ending on 17 June 2016.
“Together with the acquisition of Harding, this acquisition would place Palfinger Marine among the global top three ship equipment suppliers. In the future, we want to be a one-stop shop, internationally offering all maritime customer industries competitive products and services. With a staff of approximately 3,000 employees in 22 countries and revenue of more than EUR 600 million, Palfinger marine would contribute around one-third to the revenue of the Palfinger Group from 2017 onwards, hence becoming the Palfinger Group’s strong second mainstay,” said Herbert Ortner, CEO of Palfinger.