China Delays MacGregor’s TTS Acquisition
- Business & Finance
MacGregor, part of Cargotec, expects to close its acquisition of the marine and offshore businesses of TTS Group ASA in Q2 2019, after previously estimating the deal would complete in Q1.
The acquisition, worth more than USD 100 million, was unveiled in February 2018.
The completion of the transaction is subject to regulatory approvals from the competition authorities in Germany, South Korea and China. The company received clearance decisions from the German regulator in November and from the South Korean in December 2018.
MacGregor expected to receive approval from the competition authority in China and close the transaction in the current quarter.
However, due to “a longer than expected regulatory process in China”, the company now anticipates its acquisition to close in the second quarter of this year.
Under the terms of the agreement, MacGregor is to purchase all TTS’ assets except for TTS Group ASA and its shipyard solution business Syncrolift.