MacGregor Finally Seals TTS Acquisition
- Business & Finance
Following several delays, Cargotec’s MacGregor has wrapped up the acquisition of the marine and offshore businesses of TTS Group ASA.
First unveiled in February 2018, the asset sale agreement has been valued at around EUR 87 million (USD 96 million).
Under the deal, MacGregor bought all TTS’ assets except for TTS Group ASA and its shipyard solution business Syncrolift.
Completion of the acquisition follows receipt of required approvals from the relevant countries and authorities, the most recent being from the Chinese competition regulator.
The acquired businesses will be integrated within MacGregor’s operating structure, and their results will be consolidated into MacGregor’s financial figures as of August 1, 2019, the company said.
As the agreement included the transfer of the right to use the brand name TTS, TTS Group ASA separately informed it changed its name to Nekkar ASA as of July 31.