MacGregor-TTS clear another regulatory hurdle

MacGregor has received clearance from the South Korean competition regulator for the acquisition of the marine and offshore businesses of TTS.

MacGregor, part of Cargotec, on Thursday received the clearance decision from the South Korean Fair Trade Commission on the company’s acquisition of the marine and offshore businesses of TTS Group, which was announced on February 8, 2018.

MacGregor announced the approval from the German regulator on November 6, 2018, but is still waiting for the approval from the competition authority in China.

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

However, due to longer than expected regulatory processes, the company expects to close the transaction in the first quarter of 2019.