MacGregor: China’s Clearance of TTS Acquisition Still Pending
The completion of MacGregor’s acquisition of the maritime and offshore businesses of TTS Group ASA has again been postponed.
MacGregor, part of Cargotec, now anticipates the closing of the transaction to take place in the third quarter of 2019.
In March, MacGregor announced it expected to receive approval from the competition authority in China and wrap up the acquisition during Q2 2019. However, the regulatory process in China lasts longer than expected.
“Chinese competition authorities have yet not completed their investigations, and according to the information we have received, timeline for the last phase of the current cycle of the filing process in China is due in July,” TTS Group ASA said in a separate statement.
The deal, worth more than USD 100 million, was unveiled in February last year when MacGregor decided to buy all TTS’ assets except for TTS Group ASA and its shipyard solution business Syncrolift.
The acquisition is subject to regulatory approvals from the competition authorities in Germany, South Korea and China.
In November 2018, MacGregor received the approval from the German regulator and from the South Korean regulator a month later.