MacGregor further delays TTS buy due to regulatory process

MacGregor, part of Cargotec, has further delayed its planned acquisition of marine and offshore businesses of TTS Group.

Illustration; Source: Pixabay

MacGregor announced in December that it had expected to receive approval from the competition authority in China and close the transaction during the first quarter of 2019.

However, the company said in a statement on Monday that the transaction would take place in the second quarter of 2019 due to a longer than expected regulatory process in the country.

To remind, MacGregor entered into an agreement to acquire the marine and offshore businesses of TTS Group on February 8, 2018. At the time, the acquisition was subject to regulatory approvals from competition authorities in China, Germany, and South Korea.

The company received approval from the German regulator and South Korean Fair Trade Commission on November 6 and December 27, 2018, respectively.

MacGregor previously expected to receive all the needed approvals by the end of 2018 and to complete the transaction as soon as possible thereafter.